Brooks Macdonald Group has acquired the entire issued share capital of Levitas Investment Management.
The acquisition expands the group's range of risk-adjusted funds and adds further exposure to the pensions market, including auto enrolment. The agreement was made back in December 2013 (see thewealthnet 20/12/2013), whereby Brooks Macdonald revealed it would acquire Levitas IM for a maximum of £24 million.
The successful completion of the acquisition of Levitas comes after the group’s positive year results. In the group’s trading update (see thewealthnet 24/07/2014), Chris Macdonald, chief executive of Brooks Macdonald, said: “We have continued to see strong growth in our funds under management during the year, which are up 28 percent on last year and have now reached £6.55 billion. Progress across the group has also been highlighted by selective acquisitions to improve the offering of our funds division, as well as our expanding international presence.
"Whilst we continue to invest heavily for future growth, particularly in systems development, and adapt to the changing regulatory landscape, we look forward to making further progress in the new financial year."
Levitas is the sponsor of two funds known as TM Levitas A and TM Levitas B. Brooks Macdonald Asset Management Ltd (BMAM) is the investment adviser to the funds. The funds were launched in July 2012 and aggregate assets under management have increased to £60.52 million as at 30 November 2013.