Brooks Macdonald buys Braemar Group for £4m
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Wealth management firm Brooks Macdonald has acquired property fund management specialist Braemar Group for a cash offer of £4m.
Braemar Group’s branding will be retained and the firm says business will “continue substantially as it is at present”.
Braemar was co-founded by its current chief executive Marc Duschenes in 2001. The Braemar directors say the deal will give existing and potential investors in its niche range of funds greater confidence in the ability of the firm to increase the scale and diversity of its funds.
Brooks Macdonald provides fee-based discretionary asset management and financial services for private clients, pension funds, charities and trusts. Funds under management as at March 31, 2010 were approximately £2.05bn.
Brooks Macdonald chief executive Chris Macdonald (pictured) says: “I believe this to be an excellent opportunity for shareholders, clients and staff of both organisations.
“Braemar has a strong management team, fund management range and property management business which will complement Brooks Macdonald’s existing offering and is in keeping with Brooks Macdonald’s strategy of expanding its niche range of funds.”
Braemar chief executive Marc Duschenes adds: “Whilst acting as a platform for accelerated growth for our business, the offer represents delivery of value to our existing shareholders.
“We have long believed that our core funds’ positioning in the marketplace adds value to investors’ portfolios and I am delighted that these achievements have been recognised by Brooks Macdonald to the benefit of our shareholders and clients.”
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