Brooks MacDonald expands offshore with Jersey acquisition
WEALTH management firm Brooks Macdonald Group, which has operations in Hale and Manchester, has bought Jersey-based DPZ Capital for an initial sum of £5.7m.
AIM-listed Brooks Macdonald said the deal is made up of £3m in cash and the issue of new ordinary shares in the group at a value of £2.7m.
The total consideration payable will not exceed £13m, which includes around £1m of net current assets.
Brooks Macdonald said the deal will enhance its international and offshore offering and it expects it to be earnings enhancing in the full year to June 2015.
The deal increases its pro forma discretionary funds under management by £360m to £6.04bn.
DPZ is a wealth management business founded in 2007. It manages a range of distinct investment strategies founded on its core competencies: asset allocation, manager selection, fixed interest and credit investing, and equity selection.
