Brooks Macdonald Asset Management is to acquire the investment management activities of law firm Clarke Willmott.
It will be rebranded under the Brooks Macdonald banner and its eight-strong investment management team will join Brooks Macdonald.
The group has already paid £1.56m, in cash, in exchange for the national law firm’s activities which amounts to £120m in discretionary client assets.
The total consideration will be subject to a maximum of £6m and will be based on a maximum of 3.25 per cent of the relevant discretionary funds under management.
The purchase is still subject to the completion of legal formalities but the group predicts it will have been completed by October 31.