Brooks Macdonald has appointed John Jackson, managing director for intermediaries at Cornelian, as director of products and propositions at the combined group, whose merger will complete tomorrow.
In an announcement this morning (February 27) the firm confirmed the deal to buy Cornelian, which was first revealed in November 2019, has been granted regulatory approval and would complete on February 28.
As part of the deal Hector Kilpatrick, who was chief investment officer at Cornelian, will become a senior investment director, as Jeremy Richardson, the chief executive of Cornelian, will “continue to play an important role in the coming months" supporting the transfer of Cornelian clients to Brooks Macdonald.
Cornelian managed £900m of assets for advised clients at the end of September 2019, its most recent set of accounts, and £500m for private clients. It has relationships with 500 financial advisers.
Brooks Macdonald will now issue new shares to raise £9.29m of the purchase price.
Brooks Macdonald’s assets under management at the end of December 2019 was £13.1bn.
Caroline Connellan, chief executive of Brooks Macdonald, said: ”I am delighted to announce that we expect to complete our acquisition of Cornelian tomorrow, having received regulatory approval.
"Our experience of working with our new colleagues over recent months has reinforced our belief in the complementary nature of the two businesses.
“We look forward to welcoming Cornelian’s clients and intermediaries and ensuring that both firms’ clients benefit from the broader range of products and services of the combined group. The acquisition of Cornelian is a significant step forward in our strategy of delivering sustainable, value- enhancing growth.”
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