Wednesday 23 October 2019

Brewin Dolphin eyes more deals after Investec wealth unit buyout

Chief executive David Nicol
Chief executive David Nicol

Donal O'Donovan and Ellie Donnelly

UK-based Brewin Dolphin has become one of the country's top three wealth managers after buying Investec's Irish wealth management business for €44m.

Brewin Dolphin chief executive said David Nicol said he'll also consider additional Irish acquisitions. "We have a lot to digest (with Investec) but if something comes along we'd consider it," he said.

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Brewin Dolphin saw off competition from AIB for the business, which will dramatically increase its Irish assets under management to €4.6bn from the €1.7bn currently managed by Tilman, which it bought in 2011 for £31m. Investec Wealth Management's 5,000 clients will take the Irish total to 7,000.

Combining the businesses will give the scale needed to support investment in technology, to meet regulatory requirements and to provide good client research, David Nicol said.

"We will also be in a stronger position to benefit from (Ireland's) growing demand for discretionary and advice-led services, supported by favourable demographics, with the country having the youngest population in Europe," he said.

The wealth management business will target a client base including professionals and business owners and also well-heeled younger workers, a cohort David Nicol said is relatively bigger in Ireland than the UK. Brexit was not an issue in terms of the sale, he said.

The Irish business will be capitalised and regulated here.

Investec bought the wealth management business as part of NCB.

Brewin Dolphin yesterday announced a £60m share placement to help fund its growth including the Irish deal.

Irish Independent

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