5th November 2024
Brooks Macdonald acquired CST Wealth Management, a Wales-based advisory firm, marking its third acquisition in three months. This acquisition brought in 500 clients and approximately £170m in assets under management (AUM), pushing Brooks' total AUM beyond the £18bn mark.
This move reflects Brooks Macdonald’s increased focus on the UK advisory market following the sale of its international division to Canaccord Wealth for £51m. The strategic divestment was intended to streamline Brooks’ operations and strengthen its commitment to growth within the UK. Last year alone, the firm invested £18m in acquiring planning firms, and with CST Wealth now integrated into the company, it is clear that Brooks is aggressively capitalising on domestic M&A opportunities.
CEO Andrea Montague stressed that the acquisition is part of Brooks' broader strategy to “grow [our] presence in financial planning” and “reignite growth” in the UK market. Founded in 2013, CST Wealth specialises in tax planning and financial advice. Director Gwyn Williams and his team will join Brooks following the transaction.
This latest acquisition follows other high-profile deals by Brooks, including the £45m purchase of Manchester-based Lift, which added £1.6bn in AUM, and the acquisition of Norwich-based planner Lucas Fettes, contributing an additional £890m in AUM. Brooks’ recent acquisition spree aligns with the firm’s strategy to build a comprehensive UK advisory platform, especially after hiring ex-Rathbones sales head Greg Mullins as the head of adviser solutions to enhance its offerings.
As this article shows, buyers can become more or less active over time as their growth strategies evolve. Staying actively informed on market changes and developments is essential when planning your options.
At Chapters Capital, we focus exclusively on financial planning and wealth management M&A. This ensures we remain current on all the changes happening in our market. Contact us today for a confidential, no-obligation consultation on how we can help.