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Clarke Willmott LLP Signs Deal With Wealth Management Group

Please find below the text of a regulatory announcement issued to the Stock Exchange by Brooks Macdonald group plc, who have today acquired Clarke Willmott LLP’s investment management team.

Brooks Macdonald Group plc (“Brooks Macdonald” of the “Group”), the AIM listed integrated wealth management group, today announces that it has signed an agreement to purchase the investment management activities of national law firm, Clarke Willmott LLP (“Clarke Willmott”), based in Taunton, Somerset.

The activities will be integrated into and rebranded as Brooks Macdonald Asset Management Limited (“BMAM”), the Group’s discretionary investment management business. Clarke Willmott’s in-house asset management team of eight staff, including five investment managers and three support staff, currently manage approximately £120 million of discretionary client assets.

From Completion on 31st October 2011, the eight members of staff from the Clarke Willmott investment management team will transfer to the employment of BMAM. These staff members will continue to be based in Taunton, thereby establishing BMAM’s sixth office location, complementing its existing offices in London, Edinburgh, Manchester, Tunbridge Wells, and Fareham in Hampshire. The Board of Brooks Macdonald believes that there is a strong cultural and operational fit between BMAM and the Clarke Willmott investment management team.

The acquisition is in line with Brooks Macdonald’s growth strategies of expanding its business by organic investment in its core businesses, acquiring investment management teams and offices, and developing its produce and service offering.

Stephen Rosser, Chief Executive of Clarke Willmott LLP commented:

“The availability of high quality investment advice for clients of Clarke Willmott is an important part of our overall strategy and our investment management team has provided excellent client service over many years. We’re delighted to have identified Brooks Macdonald to continue the development of the investment service to our existing clients and we very much look forward to working with them on an ongoing basis.”

Chris Macdonald, Chief Executive of the Group commented:

“This is a very exciting opportunity for the Group. The fit with Clarke Willmott’s asset management staff is good at all levels and we are delighted to be acquiring such a strong team. Aside from the many synergies which include investment style, client care, transparency and private client focus, the Group has for some time been considering opening a regional office in the South West. This acquisition will form the nucleus of our new office, to be based in Taunton, which will open concurrently with the completion of the transaction in November.”