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Clarke Willmott has sold its investment management arm to wealth management group Brooks Macdonald.
As part of the £6m deal an in-house asset management team of eight staff, including five investment managers and three support staff, will transfer to Brook Macdonald.
The firm will receive an initial cash boost of £1.6m for the sale, with the balance of up to a maximum £6m being handed over to the firm in two tranches 12 and 24 months on from completion, which is expected at the end of October.
The group currently manages approximately £120m of discretionary client assets.
“The fit with Clarke Willmott’s asset management staff is good at all levels and we’re delighted to be acquiring such a strong team.,” Brooks Macdonald chief executive Chris Macdonald said.
In July Clarke Willmott chief executive Stephen Rosser told The Lawyer that the firm was focused on boosting its net profit (4 July 2011).
At the latest year-end net profits rose by 3.6 per cent from £5.5m to £5.7m, while turnover fell 10.3 per cent from £40.8m to £36.6m.
Clarke Willmott reorganised its banking facilities earlier this year, swapping RBS for HSBC.
According to the firm’s LLP accounts, the deal included a £2m overdraft, a £2m loan over four years and a £1.8m loan over two years. The firm also made a £1.89m cash-call during the 2009-10 financial year (14 February 2011).