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The Latest In Wealth Management M&A – Brooks Macdonald Group, Downing

The latest mergers and acquisitions and other corporate actions in the wealth management sector.

Brooks Macdonald Group

Investment manager Brooks
Macdonald Group and Slater and
Gordon UK have acquired Adroit Financial Planning, subject to
regulatory approval, to support the group’s growth plans.

Based in Manchester, and specialising in the personal injury and
clinical negligence sector, Adroit is an Independent Financial
Adviser with assets under advice of around £350 million. 

The transaction will see the service transfer of all Adroit’s
staff moving to Brooks Macdonald – resulting in no redundancies
and no impact on their clients, the firm said in a statement.

As part of the transaction, Adroit and Slater and Gordon will
sign a referral agreement to support continued close working
between the firms.

Alongside the acquisition of Integrity Wealth Solutions,
announced earlier this year subject to regulatory approval,
Adroit will bring further scale to Brooks Macdonald’s private
clients” business, adding expertise in their specialist area, the
firm added.  

The transaction forms part of S+G’s recent reorganisation;
creating two separate yet collaborative parts of the business –
Essential Legal Services and Specialist Legal Services.
 Adroit will continue to work closely with S+G to ensure
that clients have the support they require, the firm said. 

Clients will see no change to their products and services and,
over time, will see the benefits from the support and
infrastructure of a larger wealth management firm.  

Adroit’s head of financial planning services, Neil Jefferies,
will continue to lead the team at Adroit, alongside contributing
to the broader Brooks Macdonald business, the firm stressed.

Welcoming the move, Andrew Shepherd, CEO of Brooks Macdonald,
said: “An integral part of our proposition is to offer successful
IFA partners like Adroit an opportunity to become part of a
larger wealth management firm, adding both scale and capability,
when the time is right for them.” 

“A shared culture and a focus on delivering a quality service
provide a solid foundation from which to take advantage of
exciting growth opportunities,” he added.

Slater and Gordon CEO Nils Stoesser added: “It is crucial that
our clients receive expert, independent financial advice and
support, and we are committed to continuing the excellent and
close working relationship we have with Adroit.” 

Brooks Macdonald Group provides investment management services in
the UK and internationally to private high net worth individuals,
pension funds, institutions, charities and trusts. It has
discretionary funds under management of £15.7 billion as at 30
June 2022.

The group, which has offices across the UK and Channel Islands,
also provides financial planning as well as international
investment management, and acts as fund manager to a range of
onshore and international funds.


On Friday, as part of its expansion and focus on sustainable
investing, investment manager Downing acquired and
completed entry into operations of a 30MW onshore wind farm in
Finland, targeted at institutional investors.

Bagnall Energy Limited, the renewable energy and infrastructure
arm of Downing Estate Planning Service, entered into an agreement
earlier this year to acquire the wind farm and confirmed that the
acquisition has now completed, the firm said in a statement.

The acquisition, which is Downing’s first investment in Finland
and Bagnall’s first wind investment in Finland,
complements its hydropower assets in the region. 

The Konttisuo wind farm, which is located near Soini in the
region of Southern Ostrobothnia, will produce enough
electricity to power the equivalent of about 37,000 UK homes a
year, the firm said. 

It has been built by Energiequelle, a European developer which
will also provide long-term technical and commercial
management services. Turbines for the wind farm were supplied by
Nordex which is contracted to provide long-term maintenance
services to the project for 25 years.

Welcoming the move, Tom Williams, head of energy
and infrastructure at Downing, said: “The onshore wind
sector in Finland is expanding rapidly and we are delighted to be
able to contribute to Finland’s decarbonisation and energy
security goals through this transaction.”

“Energiequelle have an excellent track record of development and
management of wind projects across Europe,” he added.

“As a certified B Corp, we are committed to responsible investing
and delivering on the strategy. We look forward to adding further
attractive projects to our portfolio in due course.”

Nils Borstelmann, country manager, Energiequelle Finland, added:
“For both of us, decentralised and renewable energy production is
at the core of our operational goals.”

“We look forward to celebrating the opening of the wind farm at
the end of October,” he said

Downing’s energy and infrastructure team has completed around 175
core renewable transactions over the past 12 years and invested
more than £700 million in core renewable energy since inception.

The sustainable investment manager, established in London,
currently manages £1.8 billion of assets under a range of
investment mandates across funds, investment trusts and
tax-efficient products. 

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