(Alliance News) - Brewin Dolphin Holdings PLC on Friday said it has completed the acquisition of the Irish wealth management unit of Anglo-South African investment bank Investec PLC for a net consideration of EUR44 million.
The FTSE 250 wealth manager had announced in April that it was in talks with Investec to secure the asset.
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 EUR4.8 billion as at September 30."
Brewin said the total consideration, of EUR50.2 million, consisted of EUR13 million in net assets and client relationships of EUR37.2 million.
The net consideration of EUR44 million comes after adjustments to surplus capital, Brewin explained.
Shares in Brewin Dolphin were 0.8% higher at 335.20 pence each in London on Friday morning. Investec shares were down 0.3% to 436.20p in London, down 0.2% in Johannesburg at ZAR85.74.
By Eric Cunha; ericcunha@alliancenews.com
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Investec (INVP)