Brewin Dolphin buys asset manager

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Brewin Dolphin has acquired Duncan Lawrie Asset Management bringing its total funds under management to £36.1bn.

The UK private client investment management business of Duncan Lawrie has assets totalling £735m with approximately 84 per cent managed on a discretionary basis.

The deal is due to complete in early 2017 with a cash payment of £25.5m plus a payment to reflect net assets at that time. That payment is estimated to be £2.5m.

Eleven investment managers plus eight support staff will join the London and Bristol offices of Brewin Dolphin.

Chief executive David Nicol says: “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.”

Brewin will pay for the transaction from its £171m cash resources. 

DLAM is expected to bring revenues of £6.2m and staff costs of £1.4m. 

 Seth Cowburn, who will continue to head up DLAM following the move, says: “With the entire investment management team being welcomed by Brewin Dolphin, 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.”