On November 22, 2019, Brooks Macdonald Group PLC announced an agreement to acquire Cornelian Asset Managers Group Limited.
Under the terms of the agreement, Brooks Macdonald Group PLC (“Brooks Macdonald”) will acquire Cornelian Asset Managers Group Limited (“Cornelian”) for up to £39 million, £31 million to be paid initially with an additional £8 million payable if Cornelian meets its performance objectives. Subject to regulatory approval, the transaction is expected to close during the first quarter of 2020. Further terms of the transaction were not disclosed.
Brooks Macdonald, based in the United Kingdom, is an investment management firm providing services to private high net worth individuals, pension funds, institutions, and trusts. As of September 30, 2019, Brooks Macdonald had approximately £13.3 billion in discretionary funds under management.
Cornelian, based in Edinburgh, is an independent wealth and asset management firm. As of September 30, 2019, Cornelian had approximately £1.4 billion in funds under management.
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