The total payment, including an initial sum of £1.56 million ($2.49 million today) when the agreement was announced in August, will be based on a maximum of 3.25 per cent of the relevant discretionary funds under management, with a ceiling of £6 million.  

The deal means that a total of £114 million of discretionary client assets has transferred with the team.  

The Taunton-based team has been rebranded as Brooks Macdonald Asset Management, and it becomes the group’s sixth office location after London, Hampshire, Manchester, Tunbridge Wells and Edinburgh.

Chris Macdonald, chief executive, said in a statement that the purchase provides a gateway for the group into the southwest of the UK.