Brooks Macdonald today (15 January) said it intended to apply to the Financial Conduct Authority for the group's ordinary shares to be admitted to the equity shares segment of the Official List and to trade on the London Stock Exchange's main market.
In its trading update for the last quarter of 2024, the wealth group said that since being founded in 1991 and listing on AIM in 2005, it had demonstrated a strong commercial and financial track record, scaled shareholder returns and built a broad and supportive shareholder base.
The board considered that admission would further enhance the group's corporate profile, as well as extending the opportunity to own its ordinary shares to a broader group of investors.
Brooks Macdonald said it did not intend to raise any funds or offer any new shares in connection with the admission or the publication of the related prospectus.
The statement said: "The admission will be effected through an introduction of the company's existing ordinary shares and is expected to occur no earlier than 4 March 2025 and by 31 March 2025, at which time the group's listing on AIM is expected to be cancelled.
"Accordingly, the Group hereby gives notice of the intended cancellation of trading of its ordinary shares on AIM in accordance with Rule 41 of the AIM Rules for Companies.
"Admission is subject to the approval by the FCA of a prospectus and the ordinary shares being admitted by the FCA to the Official List and by the London Stock Exchange to trading on the Main Market. Admission is not conditional upon shareholder approval.
"Shareholders should note that the Group's shares will no longer be traded on AIM with effect from Admission and should consult their own professional advisers regarding the consequences of Admission.
"Brooks Macdonald will make a further announcement in due course."
In its trading update, the wealth manager reported unchanged funds under management (FUM) of £17.9bn, the same as at the end of September and a slight increase from £17.8bn at the end of June 2024.
Gross inflows for the quarter stood at £579m, which were offset by £730m of gross outflows, resulting in net outflows of £151mover the three-month period.
Andrea Montague, CEO of Brooks Macdonald said: "This is Brooks Macdonald's strongest quarter of gross inflows for 18 months, driven by the quality of our service, the scope of products tailored to meet clients' needs, and our strong investment performance.
"While outflows remained elevated in the quarter, we are taking actions to improve asset retention as well as driving new business growth. Additionally, we continue to scale and enhance our financial planning expertise, including most recently through the acquisitions of LIFT, Lucas Fettes and CST Wealth Management. We remain focused on the execution of our strategy to reignite growth, serving our clients well, reaching more clients, and delivering value for our clients, shareholders and employees.
"I am pleased to announce the Board's intention to transition Brooks Macdonald from AIM to the Main Market. This move will further enhance the Group's corporate profile and extend the opportunity to own its ordinary shares to a broader group of investors."
