Brooks Macdonald is looking to acquire new firms in 2020.
Chief executive of Brooks Macdonald, Caroline Connellan, commented on Brooks’ acquisition strategy: “We have a very high bar and we will be very selective. It has to be a good fit, we have to consider capacity.
“It has to be a good fit from a strategy perspective so has to build on what we have already in some way.”
Ms Conellan added that Brooks are most likely to acquire DFM firms, as Brooks’ investment management arm business was the most lucrative arm of the firm, making up 83% of the firm’s revenue, but they are open to purchases “right across the business”.
Brooks saw an increase in underlying profit before tax of around £2.6m year-on-year, completing the financial year with £11.7m. The half year results closing in December 2019 revealed an increase in funds under management from £11.7bn to over £13bn, as well as an 8% increase in revenue.