Canaccord Genuity Wealth (CGW) has acquired Brooks Macdonald’s international arm.

The deal, worth up to £50.85m, will see CGW pay an initial £28m for Brooks Macdonald Asset Management International (BMI), with the remainder subject to certain performance criteria met. The deal is expected to complete by March 2025.

Founded in 2012, BMI provides investment management, financial planning and fund management services through its offices in Jersey, Guernsey, and the Isle of Man. As of 30 June 2024, BMI had funds under management of £2.3 billion and annual revenue of £19.9 million.

The acquisition represents an important addition to CGW’s international operations and, specifically, the addition of BMI will complement CGW’s existing capabilities in Jersey and provide a strong foundation to strengthen and support their continued growth and development.  Upon completion of the transaction, the professionals and clients of BMI will benefit from being part of a larger, dedicated wealth management business with deep resources and a strong commitment to supporting their long-term growth and success.

David Esfandi, Canaccord Genuity Wealth Management CEO said: “Brooks Macdonald International is a quality business and an excellent strategic fit for our international division. This is a mutually beneficial transaction that will cement Canaccord’s position as a fully-fledged integrated wealth manager. Both firms are well-established across the Crown Dependencies, and BMI will also add significant financial planning expertise in our international business. Canaccord has a robust and scalable operating platform with a proven track record of successfully integrating businesses, and we anticipate a smooth process for BMI in 2025.”

Andrea Montague, CEO Designate & Chief Financial Officer of Brooks Macdonald adds: “We are pleased to announce the sale of BMI to Canaccord as their presence and understanding of the local markets will provide a strong foundation for the future growth and development of the business. I would like to thank all our BMI colleagues for their commitment to their clients and professionalism. We wish them all the best for the future.”

 

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