Brooks Macdonald maintains growth trajectory with acquisition of Lloyds Bank International’s Channel Islands wealth management and funds business

Brooks Macdonald International, the Channel Islands-based subsidiary of the Brooks Macdonald Group, has completed its acquisition of the wealth management and funds business of Lloyds Bank International Limited.

Having announced the intended acquisition in June this year, the transaction has now received all regulatory approvals, in what has been a year of reinvigoration and growth across Brooks Macdonald’s business in Jersey and Guernsey.

In particular, the acquisition will result in a significant increase in Brooks Macdonald’s Funds Under Management (FUM) in the Channel Islands by over 50%, whilst also adding a high quality discretionary client base and a multi-asset and fixed income fund range to the firm’s offering, as well as enhanced intermediary distribution capabilities.

A number of new roles have been created through the acquisition, with the firm recently relocating to larger premises in St Helier to accommodate the larger team and in anticipation of future growth.

Andrew Shepherd, CEO of International, said:

“The completion of this acquisition marks a significant milestone in the evolution of Brooks Macdonald International. As well as creating an enhanced proposition for clients, advisers and trustees, it also reflects our wider growth ambitions in the Channel Islands. 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.”

Commenting on the successful integration of the new business, Andrew added:

“I am pleased that we have built such a strong relationship with the Lloyds Bank International management team throughout this process which has not only resulted in the smooth onboarding of discretionary clients and the successful transition of Lloyds Investment Fund Managers, but will also result in further opportunities to co-operate on a reciprocal basis in the future.”

In its most recent quarterly update, Brooks Macdonald International, announced growth in its Funds Under Management (FUM) by 3.9% to stand at in excess of £1.6 billion for the period ending 30 September 2020.