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10 May 2019 | 07:56

Brewin Dolphin to acquire Investec's wealth management business in Ireland for about €44m

Brewin Dolphin said its wealth management subsidiary had entered into an agreement to acquire the wealth management business of Investec Group in the Republic of Ireland for about €44m. The acquisition would build on Brewin Dolphin's existing business in the Republic of Ireland, to create a top 3 wealth management business in the country with assets under management and advice in excess of €4.6bn. The acquired business would be expected to generate a pre-tax profit contribution of c.€4.5m in the year to 31 March 2019, the company said.

The transaction, subject to certain regulatory approvals, was expected to be completed in the second half of 2019. Consideration at completion would include €37.15m of goodwill plus a payment equal to the value of the tangible net assets in the business on that date, expected to be c.€15m, taking the net consideration to be about €44m, after adjusting for surplus capital. '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,' Brewin Dolphin said. '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.' 'Our businesses are highly compatible in terms of culture, values, investment philosophy and client centric approach, which combined with our established platform, will enable us to meet more effectively the growing demand for wealth management services in both the UK and the Republic of Ireland.'

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