Wealth management company Brewin Dolphin has revealed its interest in buying the Irish wealth management arm of Investec Wealth Management.
In a stock exchange filing, released on Sunday (14 April), Brewin Dolphin revealed it is in exclusive talks with Investec about buying its operations in the Republic of Ireland.
Among the services offered by Investec’s business in the Republic of Ireland are financial planning, wealth management and investment management.
Brewin Dolphin’s statement said there is no garauntee that any transaction will happen and that negotiations continue with Investec Wealth Management.
Investec has 260 employees in the Republic of Ireland, and offices in Dublin and Cork. The company sponsors the Monaghan gaelic football team in the Republic of Ireland.
Brewin Dolphin manages £34.9bn of assets on a discretionary basis. The company already has an office in Dublin, as well as a presence in the Channel Islands. It reported assets under management fell by 7.7 per cent in the first quarter of its financial year, with the company reporting that advisers and their clients were reluctant to invest.
The company said it had released the statement in response to media speculation.