Brooks Macdonald Group has acquired Cornelian Asset Managers, an Edinburgh-based independent wealth and asset manager.

The deal is worth up to £39 million, with the initial consideration £31 million and the remaining £8 million contingent on performance targets.

The deal is expected to complete in Q1 2020, subject to regulatory approval.

Brooks Macdonald has announced an equity placing to raise approximately £30 million which will be used to fund the acquisition.

Cornelian has funds under management (FUM) of around £1.4 billion and will increase Brooks Macdonald’s pro forma funds under managem...