Brooks Macdonald has completed its acquisition of Clarke Willmott's investment management team, bringing over its £114.4 million in discretionary client assets.
The AIM-listed wealth manager announced its plan to acquire the team in August, and today it announced that a new Brooks Macdonald Taunton office has been established, following on from the acquisition getting sign off on Monday.
When Brooks' decided to take on the team some three months ago it paid an initial £1.56 million in cash to secure it. An additional £0.36 million was paid at the deal's completion, and two final tranches will be handed over after 12 and 24 months post-completion.
The total consideration is subject to a maximum of £6 million.
Chris Macdonald, chief executive of Brooks Macdonald, said he hopes his strengthened team will make a significant contribution to growth.
As part of its integration, the Clarke Willmott investment management team has been rebranded as Brooks Macdonald Asset Management (BMAM), a name which symbolises its role as the group's discretionary investment management division.
Brooks' new team members will be based in a new office in Taunton, which formally opened on Monday under the Brooks Macdonald banner and marks the unveiling of the firm's sixth UK branch.
'It has become even clearer from the integration process that there is a strong cultural and operational fit between BMAM and the new team,' Macdonald said, announcing the acquisition. 'We are delighted they are now fully operational in our new office in Taunton, providing a gateway for the group into the South West. We are confident they will make a significant contribution to further growth in Brooks Macdonald's discretionary funds under management.'