A statement issued to the London Stock Exchange revealed that the asset management arm of the Alternative Investment Market-listed Brooks Macdonald Group had bought the Jersey-based wealth management business from DPZ Holdings for a total consideration of £13m.
According to the statement, £5.7m of this is an initial consideration, comprising £3m in cash and the issue of new ordinary shares in the Group at a value of £2.7m.
The statement said: “The total consideration payable by the group will not exceed £13m, which includes approximately £1m of net current assets.”
Chris Macdonald, chief executive of BMG, said it had been part of the company’s strategy since 2012 to expand and build the skills and services of the group’s international and offshore division.
He said: “As well as adding scale to our international business, DPZ brings a highly talented investment management team and additional skills to expand our offering. We welcome DPZ into the group.”
Background
UK wealth advisory firm Rowan Dartington is acquiring global online wealth platform Acordias. The platform is based on the Isle of Man, and Graham Coxell, chairman of Rowan Dartington, said this would help the company deliver its discretionary fund management capabilities globally.
