Brooks Macdonald (BM) has announced it is buying Lloyds Bank’s Channel Islands wealth and fund management business, in a deal worth more than £9 million.
The deal will see the Lloyds division rolled into Brooks Macdonald International (BMI), BM’s existing Jersey business. It will bring an estimated £1 billion in assets under management to the firm, increasing BMI’s AUM more than a third to £2.5 billion.
The acquired Lloyds business comprises £500 million attributable to 1,200 direct discretionarily managed clients, and another £500 million of funds under management intermediated by about 50 financial advisers...