Brewin Dolphin to acquire Investec Irish wealth arm for €44m

British wealth manager Brewin Dolphin has agreed to buy Investec Group’s Irish wealth management business for €44m.

Last month, Brewin Dolphin confirmed that it is in talks over the deal.

Investec Ireland manages €2.9bn in client funds.

The acquisition will be carried out through Brewin Dolphin’s Irish subsidiary, and will increase the subsidiary’s funds under management to more than €4.6bn.

According to Brewin Dolphin, the transaction would rank it among the country’s top-three wealth managers.

The investment team of 33 at Investec Ireland will be retained, though only “necessary support staff” would remain onboard.

The deal is currently pending regulatory approvals. It is expected to close in the second half of this year.

Brewin Dolphin CEO David Nicol said: “This acquisition, which is consistent with our strategy of growth in assets under management, provides us with an exciting opportunity to strengthen substantially our existing presence in the Republic of Ireland, one of Europe’s fastest growing economies.

“We will also be in a stronger position to benefit from the country’s growing demand for discretionary and advice-led services, supported by favourable demographics, with the country having the youngest population in Europe.”

Nicol calls the two businesses “highly compatible in terms of culture, values, investment philosophy and client centric approach”.

Brewin Dolphin also plans to raise £60m in a share placing. The aim is to maintain a strong group regulatory capital level.

The latest acquisition comes shortly after Brewin Dolphin’s purchase of Bath-based Epoch Wealth Management.