Brooks Macdonald Group, a UK based wealth management group, has completed the purchase of entire share capital of Levitas Investment Management Services.
The acquisition follows the exercise of the call option under the agreement dated 19 December 2013.
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Last week, Brooks Macdonald said that it expects to exercise its option to acquire Levitas Investment Management Services imminently.
The acquisition has boosted Brooks Macdonald’s discretionary funds under management to £6.55 billion, an increase of 28% from £5.11 million (US$13.4 million) reported a year ago.
Through this acquisition, the Group expects Levitas to gain significant growth over the next five years and increase earnings in the next financial year.
The deal will enable Brooks Macdonald to expand its investment proposition while further enhancing its ability to meet a range of client attitudes to risk.
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By GlobalDataRecently, Brooks Macdonald Group has hired Richard Price as a non-executive director.
