Brewin Dolphin in negotiations to buy Investec’s Irish wealth business

British wealth manager Brewin Dolphin has confirmed that it is in exclusive talks to acquire Investec Ireland wealth management operations.

The confirmation comes following a report by The Sunday Times newspaper.

According to the report, Allied Irish Banks (AIB) and Rathbones are also interested in buying the Investec business.

The deal is said to be worth up to €60m.

Rathbones, AIB and Investec did not comment on the matter.

However, Brewin Dolphin clarified that the possibility of a transaction is still uncertain.

“A further announcement will be made if and when appropriate,” the firm said in a statement.

Brewin Dolphin has offices across the UK, the Channel Islands as well as Ireland. The business currently oversees £34.9bn in assets.

In 2011, the firm announced the acquisition of Irish fund manager Tilman.

Brewin Dolphin also made several acquisitions last year: In December 2018, the firm announced the purchase of advisory business Aylwin.

Earlier in 2018, Brewin Dolphin snapped up the financial planning and investment assets of Clark Thomson Mortgagefinders.

Meanwhile, Brewin Dolphin recently made an agreement with Avaloq UK to replace its custody and settlement system. The wealth manager will spend £35m on the systems upgrade.