Deals Of The Day: The Latest In Wealth Management M&A - Brooks Macdonald

Editorial Staff

27 February 2020

Brooks Macdonald
UK-listed wealth management firm has completed the pre-conditions for its purchase of Cornelian Asset Managers Group. It has won clearance from the Financial Conduct Authority.

The only outstanding condition is admission of 453,172 ordinary shares to trade on London’s Alternative Investment Market to settle part of the upfront consideration, the firm said in a statement today.

Brooks Macdonald has applied to the London Stock Exchange for the “consideration shares” to be admitted to trading on AIM; this trading is expected to take place tomorrow (28 February), at which point the acquisition will complete.

“We look forward to welcoming Cornelian’s clients and intermediaries and ensuring that both firms’ clients benefit from the broader range of products and services of the combined group. The acquisition of Cornelian is a significant step forward in our strategy of delivering sustainable, value-enhancing growth,” Caroline Connellan, Brooks Macdonald’s chief executive, said.

As part of the change, Jeremy Richardson, CEO of Cornelian, will support the transfer of Cornelian clients to Brooks Macdonald. John Jackson, managing director for intermediary business at Cornelian, will join Brooks Macdonald as director of products and propositions. Marcus Brooks, director for private clients and charities at Cornelian, will report to Robin McAdam, head of Brooks Macdonald’s Scotland Office, as senior investment director

Hector Kilpatrick, Cornelian’s chief investment officer will join Brooks Macdonald’s CIO team as senior investment director, reporting to Richard Spencer, group CIO. Regina Jackson, Cornelian’s operations and HR Director, will lead the integration from the Cornelian perspective, working with group chief operating officer, Jason Wood.