Brooks Macdonald expands assets under advice with LIFT acquisition

(Sharecast News) - Brooks Macdonald Group announced the completed acquisition of LIFT-Financial Group and LIFT-Invest on Monday, following its initial announcement in October. The AIM-traded firm said the transaction added about £1.6bn in assets under advice and around 1,350 clients to the group.

As of 31 December, Brooks Macdonald said its financial planning division now oversaw total assets under advice of approximately £6.4bn, including £2.4bn in funds under management.

The expanded business now included around 90 advisers and paraplanners, strengthening its position in the financial planning and wealth management sector.

"I'm delighted that we have completed the acquisition of LIFT and that Michael Holden, one of the two founders, has taken the newly created role of chief executive of financial planning," said chief executive officer Andrea Montague.

"Mike's strong client and high performance focus will further drive our strategy to reignite growth."

At 1100 GMT, shares in Brooks Macdonald Group were down 1.88% at 1,425.25p.

Reporting by Josh White for Sharecast.com.