Brooks Macdonald Group has announced it is to acquire Norwich-based financial planning provider Lucas Fettes Financial Planning.

Completion of the wealth manager’s acquisition is subject to regulatory approval, which it expects to receive no later than Q1 2025.

Lucas Fettes has approximately £890m assets under advice (AUA) in total, spread across 1,600 personal clients, alongside around £300m in ‘assets under influence’ from more than 300 corporate and employee benefits clients.

Brooks Macdonald noted that the business had seen “significant” growth in AUA over the past five years.

Lucas Fettes will be integrated into Brooks Macdonald’s Direct Wealth business with the aim of enhancing the group’s financial planning capability.

The wealth manager stated that the purchase would bring a strong presence in a geographical area where there is opportunity to grow.

In 1996, Lucas Fettes was one of the first independent financial advisers (IFA) 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’.

“We are delighted to announce the acquisition of Lucas Fettes,” commented Brooks Macdonald CEO designate and chief financial officer, Andrea Montague.

“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”.

Lucas Fettes managing director, Mark Brown, added: “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.”

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