British wealth manager Brewin Dolphin has wrapped up the purchase of Investec’s Irish wealth management unit.

The deal, valued at €44m ($49m), was announced this May.

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As of 30 September 2019, the two parties collectively oversaw €4.8bn in assets. The combined group’s assets under management across Ireland and the UK totalled €50bn at the end of the period.

The acquisition leads to the creation of the third-largest office of Brewin Dolphin by assets with Dublin and Cork branches.

With the deal closure, Brewin Dolphin is said to become Ireland’s third-largest discretionary wealth management business.

As part of the deal, Investec wealth business head in Ireland Eddie Clarke has joined Brewin Dolphin Ireland as a director.

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Clarke noted: “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.

“The additional scale, combined with a singular focus on wealth management, will allow us to continue to invest in delivering our clients world class, highly individualised wealth and investment solutions.

In April this year, Brewin Dolphin announced the acquisition of Bath-based Epoch Wealth Management.

Brewin Dolphin Ireland managing director Matt Minch said: “The shared culture, values and investment philosophy of our two companies was one of the primary reasons for Brewin Dolphin Ireland seeking to join forces with Investec’s Irish wealth management business, allowing for the seamless integration of the two businesses in the months ahead.”