The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Brooks Macdonald, Lucas Fettes 
Brooks Macdonald has acquired Norwich-based wealth manager Lucas Fettes Financial Planning.

Lucas Fettes has about £890 million ($1.176 billion) assets under advice in total, spread across 1,600 personal clients, plus about £300 million in “assets under influence” from more than 300 corporate and employee benefits clients. 

UK-listed Brooks Macdonald said the deal – subject to regulatory approval – should be wrapped up by no later than the first quarter of 2025. 

In today’s busy M&A market for wealth management, Brooks Macdonald has been on the selling side of the fence. Earlier in September, Canada’s Canaccord Genuity said that its wealth management business in the UK & Crown Dependencies, aka CGWM UK, had agreed to buy the international arm of Brooks Macdonald.

In 1996, Lucas Fettes was one of the very first IFAs to outsource part of its investment management to Brooks Macdonald and the relationship has continued ever since, with Lucas Fettes being one of the Group’s Top 10 introducers.

“This acquisition will strengthen our financial planning capability and enhance our presence in East Anglia,” Andrea Montague, CEO designate and chief financial officer of Brooks Macdonald, said.