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Brooks Macdonald to acquire Norwich-based financial advice firm

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Loyal North completes double acquisition

Brooks Macdonald Group has announced the acquisition of Norwich-based Lucas Fettes Financial Planning.

Completion is subject to regulatory approval, which is expected no later than the first quarter of 2025.

Lucas Fettes has around £890m assets under advice (AUA) in total, spread across 1,600 personal clients.

It also has £300m assets under influence from more than 300 corporate and employee benefits clients. The business has seen significant growth in AUA in the past five years.

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Lucas Fettes will be integrated into Brooks Macdonald’s direct wealth business and will enhance the group’s financial planning capability.

It brings a strong presence in a geographical area where there is opportunity to grow.

In 1996, Lucas Fettes was one of the very first IFAs to outsource part of its investment management to Brooks Macdonald and the relationship has continued ever since, with Lucas Fettes one of the group’s top 10 introducers.

Last week, Brooks Macdonald said it had sold its international arm to fellow wealth manager Canaccord Genuity Wealth Management for up to £50.85m.

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The sale of Brooks Macdonald Asset Management came off the back of a strategic review announced by the group earlier this year.

Brooks is attempting to simplify its operations to focus on its “core activities of high-quality investment management and financial planning within the UK”.

Chief executive designate and chief financial officer Andrea Montague said the purchase of Lucas Fettes aligns with the group’s “redefined strategy to reignite growth”.

“This acquisition will strengthen our financial planning capability and enhance our presence in East Anglia,” she said.

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“Brooks Macdonald has had a consistently strong business relationship with Lucas Fettes since 1996, built on a great cultural fit, as well as our delivery of strong investment returns and commitment to excellent client service.

“I am pleased to now welcome them into the group.”

Lucas Fettes managing director Mark Brown added: “We have worked with Brooks Macdonald now for over quarter of a century and are very pleased to be joining the group.

“Having carefully considered our future, we believe now is the time to become part of a larger organisation with shared values and ambition.

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“We are confident in our shared focus on quality and personal service, along with a determination to deliver market-leading client outcomes.”

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