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Brewin Dolphin in talks to acquire Investec’s Irish wealth business

Brewin Dolphin, one of the UK’s largest wealth managers, has confirmed it is in “exclusive discussions” to acquire Investec’s wealth management business in the Republic of Ireland.

Regarding a possible deal, Brewin Dolphin announced in a stock market note this morning: “Discussions are ongoing and there can be no certainty that a transaction will be agreed.”

“A further announcement will be made if and when appropriate,” it adds.

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The statement comes after The Sunday Times reported it was in talks to buy the business, as well as Allied Irish Banks and Rathbones – both of which have so far declined to comment.

Bank of Ireland was reportedly an “early contender” but is believed to have dropped out of the purchase race.

Investec’s private client business is reportedly on the market for up to €60m (£52m).

Soprano Mergers & Acquisitions chairman Stuart Dyer says: “This seems to be a potential deal that transfers the ownership of a non-core asset to the right sort of “home” and from a Brewin perspective, this seems to be another example of discretionary managers expanding controlled distribution and, at the same time, acquiring a client base that is in line with its target profile.”

Brewin Dolphin has £37.6bn discretionary funds under management as at the end of 2018.

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