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Brooks Macdonald Completes Levitas Acquisition

Stephen Little

1 August 2014

UK-listed has, as expected, acquired the entire issued share capital of Levitas Investment Management Services following the exercise of the call option agreement dated 19 December.

The acquisition will boost assets under management at Brooks Macdonald 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 past 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.

Earlier this week, Brooks Macdonald Group appointed a non-executive director.

Starting on 1 August, Richard Price will become a member of the firm’s audit committee, as well as its risk and compliance committee.

His appointment follows Brook Macdonald's initiative to redress the balance between executive and non-executive directors on its board in line with best corporate governance practice, a spokesperson for the firm told this publication.