Brooks Macdonald Asset Management has paid £5.7 million (€6.9 million) in cash and shares to acquire DPZ Capital, a Jersey-based wealth manager with £430 million under management.
The firm, part of Brooks Macdonald Group which is listed on London’s AIM market, says it will create a new fixed income offering for the DPZ team and establish a platform team based on DPZ’s International Managed Portfolio Service.
Brooks Macdonald says the deal will increase by half its sum of discretionary funds under management managed out of the Channel Islands.
Chris Macdonald, chief executive, says the deal is “in line with our strategy to expand our international division based in Jersey”.
Brooks Macdonald bought and integrated asset managers Braemar Group in 2010 and Spearpoint in 2012.
©2014 funds europe
