Brooks Macdonald buys financial planning firm Lift for up to £45m

8th Oct 2024 09:30

(Sharecast News) - Brooks Macdonald said on Tuesday that it has agreed to buy financial planning firm Lift for up to £45m.

Lift is headquartered in Greater Manchester, with offices in London and Edinburgh. As at 31 December 2023, assets under advice are around £1.6bn, of which approximately £600m are also funds under management.

Brooks Macdonald said Lift's "high-quality" base of around 1,400 clients is made up of private individuals - mainly in financial services and professional sports - families and corporate clients. In addition to wealth management, the business also offers mortgage and insurance services.

Brooks Macdonald said the acquisition aligns with its strategy by expanding its client reach and accelerating growth in financial planning.

Chief executive and chief financial officer Andrea Montague said: "I am pleased to announce today the acquisition of Lift, a high-quality and well-established financial services business with a track record of profitable growth.

"This is an exciting step in the execution of our strategy and reinforces our commitment to delivering trusted financial planning services backed by best-in-class multi-asset investment solutions. I look forward to welcoming the talented and experienced Lift team to Brooks Macdonald."