Brewin Dolphin is in ‘exclusive discussions’ to acquire Investec’s wealth management business in Ireland.
Following a report in The Sunday Times, Brewin Dolphin confirmed in a statement yesterday it is in talks to acquire the Irish stockbroking business.
‘Discussions are ongoing and there can be no certainty that a transaction will be agreed,’ the statement added.
According to The Sunday Times, the deal could be worth around €60 million (£51.8 million). The report also said Brewin Dolphin is competing with Rathbones and Allied Irish Banks for the deal.
If the acquisition does go ahead, it would follow Brewin Dolphin’s acquisition of Irish private client firm Tilman Asset Management in 2011.
It also comes at a time when wealth managers have been facing difficult conditions due to market uncertainty. In January Brewin Dolphin reported its assets under management had fallen by 7.7% to £39.5 billion in Q4 2018 due to the global market sell-off.