The latest mergers, acquisitions and other corporate actions in the wealth management sector.
Brooks Macdonald, Integrity
Brooks Macdonald Group plc has acquired Integrity Wealth (Holdings) Limited together with its subsidiary, Integrity Wealth Solutions Limited, subject to regulatory approval.
The acquisition, which will be funded through existing financial resources, will be paid in two tranches, with an element of the consideration linked to a three-year growth target, the firm said in a statement.
Based in Nuneaton, Integrity Wealth Solutions is a firm of independent financial consultants which specialises in advising business owners, high net worth individuals and their families across the country.
Integrity Wealth Solutions is a rapidly growing independent financial advisor with funds under management of around £250 million ($314 million), bringing scale, capability and management expertise to Brooks Macdonald’s Private Clients business, the firm said.
Managing director Martin Lindsey will continue to lead the team at Integrity Wealth Solutions at the same time as taking up a broader role in Brooks Macdonald as senior financial planning director and head of advice, the firm added. Integrity Wealth Solutions’ clients will meanwhile see no change to their products and services and, over time, will see benefits from becoming clients of a larger wealth management firm, it said.
Welcoming the move, Lindsey said: “Having found success as an independent firm, we are excited at the opportunity to benefit from the support and infrastructure of a larger company.”
“An integral part of our proposition is to offer successful IFA partners like Integrity Wealth Solutions an opportunity to become part of a larger wealth management firm, adding both scale and capability, when the time is right for them,” Andrew Shepherd, CEO of Brooks Macdonald added.
Through its subsidiaries, Brooks Macdonald Group plc provides investment management services in the UK and internationally to private high net worth individuals, pension funds, institutions, charities and trusts. The firm has discretionary funds under management of £16.7 billion ($21 billion) as at 31 March 2022.