Brown Shipley is expected to increase its assets under management to almost £9bn with the acquisition of Cambridge-based wealth management firm NW Brown & Co Ltd.
The wealth manager is set to complete its acquisition later this year for an undisclosed sum, gaining 74 employees and £1bn of discretionary funds under management.
Brown Shipley announced the deal earlier today (June 20) as part of its plan to "expand its regional footprint", following the purchase of the UK branch of Insinger de Beaufort in 2017, Manchester-based wealth manager The Roberts Partnership in 2016 and Nottingham-based financial planning firm Hampton Dean in 2015.
NW Brown will be fully integrated into Brown Shipley by 2020, intended to serve as the East Anglia base for the business and adding to the wealth manager's six existing offices.
Alan Mathewson, chief executive of Brown Shipley, said Cambridge and Norwich, the area in which NW Brown is based, are "hotbeds of innovation and entrepreneurialism".
He added: "This acquisition provides significant opportunities for us to grow across the region.
"We are delighted to welcome the NW Brown team to Brown Shipley and look forward to putting in place the exciting growth plans we have for the business."
Oliver Phillips, chief executive of NW Brown, will continue to lead the business post-acquisition and said the deal was a "hugely positive development for everyone associated with NW Brown".
He added: "By joining Brown Shipley, our clients will benefit from access to a broader range of services, in particular the ability to borrow against the portfolios that we manage for them.
"We are delighted to join a company with a set of values and a vision of wealth management that so closely mirrors our own. We look forward to working together as part of a company with such a rich history as we look to expand our business over the coming years."
The deal follows a spree of appointments made to the Brown Shipley team at the beginning of this year, including Lee Ramsden joining its Manchester office as a client director and Richard McGregor joining as the company's first national head of court of protection.
rachel.addison@ft.com
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