Wealth manager and Financial Planner Brooks Macdonald has acquired LIFT Financial Group Ltd and LIFT Invest for £45m.

The acquisition is subject to regulatory approval and is expected to complete by the end of March 2025.

Brooks Macdonald will pay an initial £30m on completion and a total consideration of up to £45m, subject to financial targets.

The company said the deal “aligns with the Group's strategy by expanding its client reach and accelerating growth in Financial Planning.”

Andrea Montague, CEO & CFO of Brooks Macdonald, said: "LIFT is a high-quality and well-established financial services business with a track record of profitable growth."

Michael Holden & Joel Adams, founders of LIFT, said: "We are tremendously proud of the business we have built over the last 17 years, and as part of Brooks Macdonald we will be able to bring a new level of sophistication to our investment proposition, as well as much better opportunities for our people as part of a larger business."

LIFT is headquartered in Greater Manchester, with offices in London and Edinburgh. As at 31 December 2023, assets under advice (AuA) were £1.6bn of which £600m were also funds under management (FuM).

LIFT has 1,400 clients made up of private individuals - predominantly in financial services and professional sports - families and corporate clients. In addition to wealth management, LIFT offers mortgage and insurance services.

LIFT’s revenue last year was £11.3m and profits £2.5m. It had net assets of £0.8m at the end of 2023.

Brooks Macdonald Group was founded in 1991 and provides wealth management services in the UK. The group began trading on AIM in 2005 and had discretionary FUM of £18bn as of 30 June.

The business has been striving to recover after being hit by net outflows last year and cutting 10% of staff. Last Autumn Brooks Macdonald announced that it would reduce its headcount to cut costs annually by £4m. The firm axed around 55 jobs, about 10% of its workforce, as part of the cost-saving measures.

Brooks Macdonald said the cuts from its 512-strong workforce were designed to ensure it is, “set up for success, organised to deliver its strategy and drive growth.”

Last month it acquired acquired Norwich-based Lucas Fettes Financial Planning for an undisclosed amount.

Last month it sold its £2.3bn FUM international arm to wealth manager Canaccord Genuity Wealth (International) Holdings Limited for £50.85m.

The firm's results for the year ended June revealed a 7% rise in funds under management to £18bn and a 12.5% rise in pre-tax profit to £34.1m.