Wed, 18 Sep 2024 | BUSINESS SALE
Brooks Macdonald Group has agreed a deal to acquire Norwich-based Lucas Fettes Financial Planning, adding a presence to the group in a region where it sees an opportunity for growth.
Lucas Fettes has seen significant growth in assets under advice (AUA) over the past five years. The firm’s AUA now stands at around £890 million in total across approximately 1,600 personal clients, as well as around £300 million in “Assets Under Influence” across more than 300 corporate and employee benefits clients.
The financial planner has had a relationship with Brooks Macdonald since 1996, when it became one of the first IFAs to outsource part of its investment management to the group. Lucas Fettes is now one of the group’s top 10 introducers.
Following the acquisition, Lucas Fettes will be integrated into the group’s Direct Wealth business, with a statement saying it will bring “a strong presence in a geographical area where there is opportunity to grow”.
Brooks Macdonald Group CEO designate and Chief Financial Officer Andrea Montague (pictured) said that the acquisition aligns with the group’s “redefined strategy to reignite growth, as it will broaden and deepen our client reach”, adding that the deal will also “strengthen our financial planning capability and enhance our presence in East Anglia.”
Montague continued: “Brooks Macdonald has had a consistently strong business relationship with Lucas Fettes since 1996, built on a great cultural fit, as well as our delivery of strong investment returns and commitment to excellent client service. I am pleased to now welcome them into the Group”.
Lucas Fettes Managing Director Mark Brown added: “We have worked with Brooks Macdonald now for over quarter of a century and are very pleased to be joining the Group. Having carefully considered our future we believe now is the time to become part of a larger organisation with shared values and ambition.”
“We are confident in our shared focus on quality and personal service, along with a determination to deliver market leading client outcomes.”
Despite high levels of wealth management M&A over recent years, most IFAs and financial planners expect consolidation to continue to grow
This well-established East Midlands firm boasts over £90m in funds under management, offering a solid foundation and potential for growth.
This is an exclusive opportunity to acquire a South Wales IFA business with substantial assets under management, offering a stable, recurring income stream.
This is a rare chance to acquire a well-established, chartered financial planning firm with £380 million funds under management, offering a robust client base and a strong reputation in the industry.
15
|
Jul
|
Business and assets of furniture manufacturer acquired in pre-pack deal | BUSINESS SALE
The business and assets of a Wiltshire-based furniture manuf...
15
|
Jul
|
DJH continues acquisition drive with first takeover in Ireland | BUSINESS SALE
Private equity-backed accountancy and professional services ...
15
|
Jul
|
Hospitality giant acquires £12.3m-turnover hotel group | BUSINESS SALE
Property, construction and hospitality giant The Arora Group...
08
|
Oct
|
Financial planning group to be acquired at up to 18x EBITDA | BUSINESS SALE
LIFT, a financial planning group based in Greater Manchester...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.