Wealth manager Brooks Macdonald has bought Norwich-based firm Lucas Fettes Financial Planning for an undisclosed sum.
Lucas Fettes is an independent financial planning and benefits consultancy firm with around £890mn in assets under advice spreading across 1,600 clients.
It also has around £300mn in assets under influence from more than 300 corporate and employee benefits clients.
In 1996, the firm became the first IFA to outsource part of their investment management to Brooks Macdonald.
Mark Brown, managing director of Lucas Fettes, said: “We have worked with Brooks Macdonald now for over quarter of a century and are very pleased to be joining the group. Having carefully considered our future we believe now is the time to become part of a larger organisation with shared values and ambition.”
Lucas Fettes will be integrated into Brooks Macdonald’s Direct Wealth business to enhance the group’s financial planning capability.
Andrea Montague, chief executive designate and chief financial officer of Brooks Macdonald, added: “Today’s announcement aligns with our redefined strategy to reignite growth, as it will broaden and deepen our client reach. This acquisition will strengthen our financial planning capability and enhance our presence in East Anglia.”
This comes after the firm said it was considering its options within the advice market to deploy £28mn of cash made from the sale of its international business.
In its full year results earlier this month (September 12) Brooks Macdonald confirmed it had sold its international arm to wealth manager Canaccord Genuity Wealth in a deal worth up to £50.85mn, which included the £28mn payable in cash on completion.
Montague, told FT Adviser at the time: "We are considering options around distribution and around advice businesses"
alina.khan@ft.com
