Brooks Macdonald completed the acquisition of the Channel Islands wealth management and funds business of Lloyds Bank for $12m.

Brooks Macdonald, an investment management company, completed the acquisition of the Channel Islands wealth management and funds business of Lloyds Bank, a major British financial institution, for $12m. "We are delighted to have agreed this acquisition which represents a major move forward for the International business. It increases International FUM materially, brings a high quality discretionary portfolio client base and adds a strong multi-asset and fixed income fund range to our proposition to clients, advisers and trustees. It also brings additional intermediary relationships, increasing our distribution reach. I am particularly pleased that the strong relationship we have built with the Lloyds Bank International management team means that we are putting in place a partnership agreement for cross-referral of clients with a shared commitment to explore other ways for the businesses to co-operate," Andrew Shepherd, Brooks Macdonald International CEO.