Brewin Dolphin completes €44m deal for Investec arm

Investment advisor Brewin Dolphin has announced the completion of the acquisition of Investec's wealth management business in Ireland for €44 million.

The acquisition substantially increases Brewin Dolphin’s presence in the Republic, making it the third largest discretionary wealth manager in the State after Davy and Goodbody.

Investec’s other Irish businesses – its treasury, corporate finance, venture capital and private client lending businesses – are unaffected by the sale.

Brewin Dolphin said the completion marks its first formal step towards becoming an integrated business with a total of €4.8 billion assets under management and €50 billion across Ireland and the UK.

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With offices in Dublin and Cork, the Irish business will be the third largest Brewin Dolphin office by assets.

Brewin Dolphin Ireland managing director Matt Minch said the "shared culture" with Investec was one of the primary reasons for the acquisition.

“Our coming together enables us to combine the best qualities of both firms to deliver an even better service for clients in Ireland and to a wider audience,” he said.

“Our newly combined team will provide wealth management services of the highest standard, with unrivalled personal service that is best in class.

“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.”

In a statement, the company said the Republic has “attractive demographics” for investment advisors as one of Europe’s fastest growing economies, one of the youngest populations in Europe and a growing demand for advice.

“The combined Brewin Dolphin and Investec business will provide a comprehensive, personalised service that aims to meet the increased demand for wealth management products and services for professionals, business owners and retired clients,” it said.

Eddie Clarke, previously head of Investec’s wealth business in Ireland and now a director of Brewin Dolphin Ireland, said there was a “clear strategic rationale” for the deal.

“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,” he said.

“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.

“We have known and admired Brewin Dolphin for many years. They have led the way in bringing a high touch personal approach to discretionary investment management in Ireland.”