UK-listed Brooks Macdonald is on the cusp of acquiring Levitas Investment Management as it looks to expand its funds and pensions markets exposure.
UK-listed Brooks Macdonald is
on the cusp of acquiring Levitas Investment Management as it
looks to expand its funds and pensions markets exposure.
The wealth manager said the takeover of Levitas would complete imminently.
"During the year we acquired an option to buy Levitas Investment Management Services, which expands our range of risk-adjusted funds and adds further exposure to the pensions market, including auto enrolment," it said in its results statement.
The acquisition will boost assets under management at Brooks and follows the takeover of Jersey based wealth manager DPZ Capital in April.
The deal helped the group's discretionary funds under management climb 28.2 per cent in the last year, up from £5.11 billion ($8.68 billion) to £6.55 billion.
In particular it boosted the last quarter, with discretionary funds under management rising by £629 million - £363 million contributed from the DPZ acquisition.
"We have continued to see strong growth in our funds under management during the year, which are up 28 per cent on last year and have now reached £6.55 billion," said Chris Macdonald, chief executive of Brooks Macdonald.