Brooks Macdonald has secured the regulatory nod to complete the takeover of Cornelian Asset Managers Group and has announced additions to its leadership team as part of the deal.
The acquisition of Edinburgh-based wealth manager Cornelian was announced last November.
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The transaction is scheduled to close today, after admitting 453,172 shares to trading on AIM.
The move is aimed at completing the payment of a portion of the upfront deal amount.
Management changes
Cornelian CEO Jeremy Richardson will support the migration of Cornelian clients to Brooks Macdonald in the coming months.
However, Richardson’s responsibility after the conclusion of the deal was not divulged.
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By GlobalDataAs part of the deal, Cornelian CIO Hector Kilpatrick will become the senior investment director of the group CIO team at Brooks Macdonald.
In the new role, he will report to group CIO Richard Spencer.
Cornelian MD of Intermediary Business John Jackson will serve as the director of Products & Propositions at Brooks Macdonald upon deal completion.
Cornelian director of Private Clients & Charities Marcus Brooks will become the senior investment director.
Brooks will report to the head of the Scotland office Robin McAdam in the new capacity.
Additionally, Cornelian Operations and HR director Regina Jackson will spearhead the integration from the Cornelian perspective.
Brooks Macdonald CEO Caroline Connellan said: “Our experience of working with our new colleagues over recent months has reinforced our belief in the complementary nature of the two businesses.
“We look forward to welcoming Cornelian’s clients and intermediaries and ensuring that both firms’ clients benefit from the broader range of products and services of the combined group.
“The acquisition of Cornelian is a significant step forward in our strategy of delivering sustainable, value-enhancing growth.”
