Wealth management firm Brooks Macdonald has announced its acquisition of CST Wealth Management, a Wales-based financial planning firm.
CST Wealth Management holds close to £170m in assets under advice and a client base of approximately 500.
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In addition, CST also offers financial planning for businesses.
The acquisition adds to Brooks Macdonald’s growing offering in Wales, with the CST team well known to the firm. CST represents a strategic and cultural fit to Brooks Macdonald, aligned with the Group’s strategy to expand client reach and accelerate growth in financial planning.
Andrea Montague, chief executive of Brooks Macdonald, said: “CST Wealth Management is well known to our Cardiff team for their excellent client service. We are delighted to welcome them to Brooks Macdonald as we increase our offering in Wales and grow our presence in financial planning, aligned with our strategy to reignite growth.”
Gwyn Williams, director of CST Wealth Management, added: “We are pleased to be joining Brooks Macdonald, which has a great reputation and shares many of the values that have driven our success to date. We look forward to becoming part of the BM team and to the benefits it will bring to our clients.”
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By GlobalDataIn October 2024, Brooks MacDonald purchased all of the issued share capital of LIFT – “LIFT-Financial Group and LIFT-Invest” (collectively, “LIFT”).
By extending its clientele and quickening the expansion of financial planning, the acquisition complements the group’s strategic goals. By the end of March 2025, the acquirement should be finalised, pending regulatory approval.
LIFT has offices in Edinburgh and London in addition to its headquarters in Greater Manchester. As of 31 December 2023, there were around £1.6bn in assets under advice (AuA), of which approximately £600m were funds under management (FuM).
The approximately 1,400 clients that make up LIFT’s elite clientele are made up of families, corporate clients, and private individuals, most of whom work in financial services and professional sports. Aside from asset management, LIFT also provides insurance and mortgage services.
