1 Nov 2019 07:00
1 November 2019
Brewin Dolphin Holdings PLC
("Brewin Dolphin")
Completion of Acquisition
Acquisition: Wealth Management business of Investec Group in Ireland - Investec Capital & Investments (Ireland) Limited ("ICIIL")
Further to the announcement made on 10 May 2019, Brewin Dolphin announces that its wholly owned subsidiary, Brewin Dolphin Wealth Management Limited ("Brewin Dolphin (Ireland)"), has completed the acquisition of the wealth management business of Investec Group in the Republic of Ireland. The net consideration after adjustments for surplus capital is €44m1.
David Nicol, Chief Executive, 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 €4.8bn2 as at 30 September 2019. Integration of the two businesses is on track and the expected cost synergies have been extracted as we had planned. The combined business provides us with a strong platform from which to grow."
1. The total consideration was €50.2m comprising of net assets of €13.0m, including surplus capital of €6.2m, and
client relationships of €37.2m.
2. On a proforma basis.
For further information:
Brewin Dolphin
David Nicol, Chief Executive Tel: +44 (0)20 7248 4400
Siobhan Boylan, Finance Director Tel: +44 (0)20 7248 4400
Camarco
Ben Woodford/Jane Glover Tel: +44 (0)20 3757 4990
LEI : 213800PS7FS5UYOWAC49
Notes to Editors:
About Brewin Dolphin
Brewin Dolphin is one of the UK's leading independent providers of discretionary wealth management.
We continue to focus on discretionary investment management and we manage £39.1 billion of funds on a discretionary basis. In line with the premium we place on personal relationships, we have built a network of offices across the UK, Channel Islands and the Republic of Ireland, staffed by qualified investment managers and financial planners. We are committed to the most exacting standards of client service, with long-term thinking and absolute focus on our clients' needs at the core.