LONDON - Brooks Macdonald Group PLC (LSE:BRK) has completed its acquisition of Norwich-based Lucas Fettes Financial Planning, the company announced today. This move is intended to bolster Brooks Macdonald's Direct Wealth business and expand its financial planning services in East Anglia.
The acquisition, which follows an initial announcement on September 17, 2024, is part of the wealth management firm's strategy to enhance its offerings and extend its reach within the UK. Andrea Montague, Chief Executive Officer of Brooks Macdonald, expressed enthusiasm for the integration, stating, "I'm excited to formally welcome our new colleagues into the Group expanding our expertise in financial planning to serve more clients across the UK."
Mark Brown, Managing Director of Lucas Fettes, also commented on the merger, saying, "We are delighted to have joined Brooks Macdonald and look forward to supporting future growth as part of their developing high-quality financial planning division."
Brooks Macdonald, established in 1991 and publicly traded since 2005, is recognized for its investment performance and client service. As of September 30, 2024, the firm reported discretionary funds under management (FUM) of £17.9 billion.
The financial terms of the acquisition were not disclosed in the press release. This development is expected to enhance Brooks Macdonald's position in the wealth management sector by providing a more comprehensive suite of financial planning services to its clientele.
The information is based on a press release statement.
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