Wealth management group Brooks Macdonald has acquired Lawrence House Fund Managers for up to £2.8 million. 

Wealth management group Brooks Macdonald has acquired Lawrence House Fund Managers for up to £2.8 million.

Canterbury-based Lawrence House has some £65 million under management. Two members of the company’s staff, fund manager Alan Stokes and Carol Evins, who is responsible for new business development, will join Brooks Macdonald Group (BMG). Lawrence House’s sister company Pharon Independent Financial Advisers is entering into a strategic alliance with BMG, but will remain independent.

Chris Macdonald, chief executive of Brooks Macdonald, said that Lawrence House’s similar ethos, culture and style of management made it a good fit for the group.

In the six months ending December 2008, BMG reported an increase in revenue of 23 per cent to £9.7 million, while pre-tax profits were up 46 per cent to £1.3 million.