Brooks Macdonald Asset Management is set to acquire Lloyds Bank's Channel Islands wealth management and funds business in a cash deal worth almost £10m.
The deal, which is expected to complete subject to regulatory approval in the fourth quarter of this year, will see Brooks Macdonald purchase 100% of the share capital of Lloyds Investment Fund Managers (LIFM) and its £1bn of discretionary assets. Brooks Macdonald international arm suffers outflows In total, the deal is expected to cost just over £9.6m including £2.5m of regulatory capital, with initial consideration being up to £9.3m. A contingent cash consideration of around £330,000 will also be payable two years after completion depending upon LIFM meeting certain pre-agreed p...
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