Brewin Dolphin has snapped up a private client business in an acquisition that takes its funds under management to more than £36 billion.
The FTSE 250-listed investment manager has agreed to acquire Duncan Lawrie Asset Management (DLAM), a subsidiary of Duncan Lawrie Private Banking, in a £28 million deal.
The acquisition is an excellent fit for usDavid Nicol
DLAM’s 19-strong investment team will move over to Brewin Dolphin’s London and Bristol offices together with funds under management of £735m invested on behalf of about 1,000 clients.
David Nicol, chief executive of Brewin Dolphin, which employs about 200 staff across its four offices in Scotland, said: “DLAM is a high-quality investment management business and the acquisition is an excellent fit for us given the shared business philosophy centred on a personalised approach to client service.
“The transaction demonstrates the attraction of Brewin Dolphin to wealth management professionals and clients who value traditional, personalised services coupled with an innovative, forward looking approach.”
The deal, which is subject to regulatory approval, will be financed from the group’s own cash resources.
Seth Cowburn, head of wealth management at DLAM, said his team was “excited” to be joining Brewin Dolphin.
“Its culture and investment style represent a natural home for DLAM. This was important in our decision making and both continuity of service and the staff will remain unchanged.
“Brewin Dolphin’s financial planning, research, infrastructure and investment management expertise will considerably enhance the service we can offer.”