Brooks Macdonald has announced the acquisition of the Channel Islands wealth management and funds business of Lloyds Bank International Limited.
The deal, which is subject to regulatory approval, is expected to complete with a total consideration of £9.6m.
An initial consideration of £9.3m will be paid, with a further consideration of £330,000 to be paid after two years, depending on performance targets.
The transaction is expected to close in the fourth quarter of 2020.
Caroline Connellan, CEO of Brooks Macdonald, said: “The acquisition of Lloyds’ offshore wealth and funds business adds to the transformation of our International business, bringing greater scale, new capabilities and expanded distribution reach.
“As well as the good strategic fit, our discussions with Lloyds Bank International have shown we have similar cultures with a shared strong focus on clients and intermediaries.”
She added: “This acquisition, the second for Brooks Macdonald in this financial year, is a further step forward in achieving our growth ambitions, complementing our organic strategy, creating value for shareholders and bringing benefits for clients and intermediaries.”
Andrew Shepherd, CEO of Brooks Macdonald International, said: “We are delighted to have agreed this acquisition which represents a major move forward for the International business.
“I am particularly pleased that the strong relationship we have built with the Lloyds Bank International management team means that we are putting in place a partnership agreement for cross-referral of clients with a shared commitment to explore other ways for the businesses to cooperate.”