Travers Smith has advised Brooks Macdonald Group plc on the sale of its wholly owned subsidiary, Brooks Macdonald Asset Management (International) Limited and its subsidiaries (BMI), to Canaccord Genuity Wealth (International) Holdings Limited for a total consideration of up to £50.85m.
The Travers Smith team on this transaction was led by Corporate Partner Jon Reddington, who was supported by Senior Counsel Joe Knox and Associate Ben Horbye. Specialist advice was provided by Head of Technology & Commercial Transactions Dan Reavill, who was supported by Associate Toby Major.
Brooks Macdonald Group plc, through its various subsidiaries, provides leading wealth management services in the UK and internationally. The Group, which was founded in 1991 and began trading on AIM in 2005, had discretionary FUM of £18bn as of 30 June 2024.
With offices in Jersey, Guernsey and the Isle of Man, BMI provides its services to international clients and intermediaries through its Crown Dependencies based investment management, financial planning, and fund management subsidiaries.
Canaccord will pay an initial sum of £28m in cash followed by a contingent consideration of up to £22.85m, payable in cash two years post-completion. The contingent consideration will depend on the revenue performance of BMI. Completion is expected by March 2025 subject to regulatory approvals.
