Pan-European private banking group KBL European Private Bankers (KBL epb) announced that its UK affiliate, Brown Shipley, has signed an agreement to acquire wealth manager boutique NW Brown.
The acquisition of NW Brown, which employs some 75 staff in two UK offices, marks the KBL epbgroup's fourth acquisition in the UK in the past four years - over a period when the group has also made major acquisitions in Belgium and the Netherlands.
The acquisition - which remains subject to regulatory approval - is expected to close by the end of the third quarter of this year, increasing Brown Shipley's total assets under management to over €10bn. Following closing, NW Brown will be fully integrated into Brown Shipley in 2020, complementing the bank's six existing offices with a new hub in East Anglia.
Oliver Phillips, CEO of NW Brown, will continue to lead the East Anglia business post-acquisition.