Brooks Macdonald Group is to acquire Lucas Fettes Financial Planning, a Norwich-based financial planning provider, subject to regulatory approval which it expect to be no later than Q1 2025.
Lucas Fettes has c.£890m assets under advice (AUA) in total, spread across 1,600 personal clients, plus c.£300m “Assets under Influence” from more than 300 corporate and employee benefits clients. The business has seen significant growth in AUA in the last five years.
The financial planner business will be integrated into Brooks Macdonald’s Direct Wealth business bringing “a strong presence in a geographical area where there is opportunity to grow”, the statement said today (17 September).
In 1996, Lucas Fettes was one of the very first IFAs to outsource part of their investment management to Brooks Macdonald and the relationship has continued ever since, with Lucas Fettes one of the Group’s Top 10 introducers.
Andrea Montague (pictured), CEO designate & chief financial officer of Brooks Macdonald, said: “We are delighted to announce the acquisition of Lucas Fettes. Today’s announcement aligns with our redefined strategy to reignite growth, as it will broaden and deepen our client reach. This acquisition will strengthen our financial planning capability and enhance our presence in East Anglia.
“Brooks Macdonald has had a consistently strong business relationship with Lucas Fettes since 1996, built on a great cultural fit, as well as our delivery of strong investment returns and commitment to excellent client service. I am pleased to now welcome them into the Group”.
Mark Brown, managing director of Lucas Fettes, said: “We have worked with Brooks Macdonald now for over quarter of a century and are very pleased to be joining the Group. Having carefully considered our future we believe now is the time to become part of a larger organisation with shared values and ambition.
“We are confident in our shared focus on quality and personal service, along with a determination to deliver market leading client outcomes.”
