Brooks Macdonald Group has completed the sale of its international division, Brooks Macdonald Asset Management (International) Limited (BMI), to Canaccord Genuity Wealth Management in a deal worth up to £50.85m.
The sale, initially announced in September 2024, includes an upfront payment of £28m, with an additional £22.85m contingent on performance criteria over the next two years.
Go deeper with GlobalData
The transaction will allow Brooks Macdonald to sharpen its focus on its core UK business, positioning itself for organic growth and strategic acquisitions.
As of December 31, 2024, BMI managed £2.3bn in funds, while Brooks Macdonald’s total UK-based funds under management stood at £15.7bn.
Andrea Montague, CEO of Brooks Macdonald stated: “The completion of the sale of BMI to Canaccord firmly establishes Brooks Macdonald as a UK wealth management firm focused on serving clients in the UK. The future of the international market business is in great hands with Canaccord who are well known and already have a strong local presence. I would like to thank BMI clients for the trust they have placed in Brooks Macdonald over the years and wish our former BMI colleagues all the best for the future.”
David Esfandi, CEO of Canaccord Genuity Wealth Management added: “This acquisition is another step forward in our mission to become the best integrated wealth manager in the region by performance and service. With this investment, we increase our ability to serve the complex needs of international clients who have clear ambitions and need a trusted partner to help them achieve their goals.”
The deal signals a shift in Brooks Macdonald’s strategy as it refines its focus on the UK wealth management market, while Canaccord continues expanding its international presence.
