Brewin Dolphin completes €44m deal for Investec arm

Pedro Gonçalves
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Brewin Dolphin's Matt Minch, Suzanne Cashin and Eddie Clarke
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Brewin Dolphin's Matt Minch, Suzanne Cashin and Eddie Clarke

UK-based Brewin Dolphin has completed the €44m acquisition of Investec's wealth management business in Ireland.

The deal, which was announced in May, sees Brewin Dolphin become one of the country's top three wealth managers, after Davy and Goodbody.

Chief executive David Nicol said: "Completing this acquisition substantially increases our presence in one of Europe's fastest growing economies and the combined business will make us the third largest wealth management business in the Republic of Ireland with total funds under management of €4.8bn as at September 30."

Given the ongoing evolution and change within the wealth management industry, we believe there is a clear strategic rationale for us to come together at this time"

With offices in Dublin and Cork, the Irish business will be the third largest Brewin Dolphin office by assets.

In a statement, the company said the Republic has "attractive demographics" for investment advisors as one of Europe's fastest growing economies, one of the youngest populations in Europe and a growing demand for advice.

"The combined Brewin Dolphin and Investec business will provide a comprehensive, personalised service that aims to meet the increased demand for wealth management products and services for professionals, business owners and retired clients," it said.

Eddie Clarke, previously head of Investec's wealth business in Ireland and now a director of Brewin Dolphin Ireland, said there was a "clear strategic rationale" for the deal.

"Given the ongoing evolution and change within the wealth management industry, we believe there is a clear strategic rationale for us to come together at this time," he said.

 

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