Canaccord Genuity Group has announced that through its wealth management business in the UK & Crown Dependencies it has entered into a binding agreement with Brooks Macdonald Group to acquire its wholly owned operating subsidiary Brooks Macdonald Asset Management (International).
Founded in 2012, Brooks Macdonald Asset Management (International) (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.
David Esfandi (pictured), Chief Executive Officer of Canaccord Genuity Group’s wealth management business in the UK & Crown Dependencies (CGWM UK) 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 added: “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.”
Andy Finch, CEO, International, Canaccord Genuity Wealth Management said: “This investment reflects our deep commitment to building a world-class wealth management business in the Crown Dependencies and continuing to provide a platform for ongoing growth and success.
“BMI is a well-respected business and brings strong cultural and geographical alignment with Canaccord. Along with a new cohort of talented colleagues, we look forward to welcoming our new clients who will continue to receive the highest standards of service.
“With BMI’s financial planning capability, we look forward to building on our market-leading investment management service to provide Canaccord’s international clients with a more integrated wealth management proposition.”
Mark O’Connor, Managing Director for Channel Islands & the Isle of Man at Brooks MacDonald International, said: “We are excited about the proposed move to Canaccord Genuity, which, pending regulatory approval, will bring enhanced benefits to our clients through access to global expertise and resources. This alignment will further strengthen our commitment to delivering exceptional service and driving long-term growth across our international markets.”
