Brooks Macdonald International, the Channel Islands-based subsidiary of the Brooks Macdonald Group, has completed its acquisition of the wealth management and funds business of Lloyds Bank International.
Having announced the acquisition in June, the transaction has received all regulatory approvals.
According to Brooks Macdonald, the acquisition will increase its funds under management in the Channel Islands by more than 50%.
It will also add a discretionary client base and a multi-asset and fixed income fund range to the firm’s offering, as well as enhanced intermediary distribution capabilities.
A number of new roles have been created through the acquisition, and the firm has recently relocated to larger premises in St Helier in anticipation of future growth.
Andrew Shepherd (pictured), CEO of International, commented: “The completion of this acquisition marks a significant milestone in the evolution of Brooks Macdonald International.
"As well as creating an enhanced proposition for clients, advisers and trustees, it reflects our wider growth ambitions in the Channel Islands. Despite a challenging global environment this year, we have remained focused on reinvigorating the business."