Brewin Dolphin Buys Investec

Brewin Dolphin buys Investec.
   
Brewin Dolphin buys Investec's wealth management business for $49 million.
   
Investec chose to sell when its Irish business model and Brexit planning changed.
    
The deal is structured so Brewin Dolphin (Ireland) buys the firm with an investment team and basic support staff to run their expanded business. This delivers cost synergy benefits from completion and minimizes integration risk.
   
David Nicol of Brewin Dolphin said: ‘This acquisition, which is consistent with our strategy of growth in assets under management, provides us with an exciting opportunity to strengthen 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 favorable 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.
    
We did not do this considering Brexit. The move is not defensive, but a proactive thing. In the first half of 2019, we delivered strong and resilient organic growth, even with the backdrop of volatile market conditions. This is demonstrated by the strength of discretionary funds flows. Our strategy of focusing on our advice-led wealth management service in the direct market continues to deliver results.
   
We are investing in our business to support future long-term growth. Over the past months, we have announced the replacement of our core custody and settlement system and several acquisitions. These initiatives are laying the foundations for long-term growth and will make sure that we are well-placed to capture market opportunities.’

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