Brooks Macdonald has wrapped up the previously announced purchase of the wealth management and funds business of Lloyds Bank International in Channel Islands.

The acquisition took place through Brooks Macdonald’s Channel Islands-based subsidiary Brooks Macdonald International.

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Brooks Macdonald agreed to purchase the Lloyds’ business in June this year for a maximum consideration of £9.63m ($11.97m), including £2.5m of regulatory capital.

The British wealth manager expects this deal to bring in over 50% growth in its funds under management (FUM) in the Channel Islands.

Furthermore, the deal is said to provide the firm with a discretionary client base and better intermediary distribution capabilities.

The addition of the new wealth management business also brings in a multi-asset and fixed income fund range.

Brooks Macdonald International CEO Andrew Shepherd called the deal a reflection of the company’s wider growth ambitions in the Channel Islands.

He said: Despite a challenging global environment, this year we have remained focused on reinvigorating the business, including launching a new Responsible Investing Service for international clients, strengthening our team, and moving to larger premises in Jersey.

“Our international clients and intermediaries will also undoubtedly benefit from Brooks Macdonald’s recently announced partnership with SS&C Technologies to deliver best-in-class intermediary experience and client service.”

Brooks Macdonald has created several new roles following the acquisition and recently moved to larger premises in St Helier to house the enlarged team.

At the end of September 2020, Brooks Macdonald International reported FUM of more than £1.6bn.

In October this year, Brooks Macdonald teamed up with SS&C Technologies to transform its wealth business in the UK.