Brewin Dol­phin’s £ 38m In­vestec deal bol­sters pres­ence in Ir­ish mar­ket


I nvestment group Brewin Dol­phin has strength­ened its pres­ence in Ireland with a £ 38 mil­lion deal to buy In­vestec’s wealth man­age­ment op­er­a­tion there.

Brewin Dol­phin’s chief ex­ec­u­tive David Ni­col said the deal, which was trailed last month, would put the firm in a stronger po­si­tion to ben­e­fit from de­mand in one of Europe’s fastest grow­ing economies.

The an­nounce­ment came as the group, which em­ploys more than 200 at its of­fices in Scot­land, an­nounced plans to raise £ 60m in a share plac­ing and re­leased first- half re­sults which showed a fall in prof­its de­spite ris­ing in­come.

Brewin Dol­phin al­ready has a size­able pres­ence in Ireland fol­low­ing the pur­chase of fund man­ager Til­man in a £ 30m deal in 2011.

Ni­col said the In­vestec deal would en­able the firm to ben­e­fit from Ireland’s grow­ing de­mand for wealth ser vices, “sup­ported by favourable de­mo­graph­ics with the coun­try hav­ing the youngest pop­u­la­tion in Europe”.

Brewin Dol­phin’s i ncome rose slightly to £ 162.3m in the first half of the year, but profit be­fore tax and ad­justed items fell by more than 8 per cent to £ 35.6m.

Ni­col said t he group has con­tin­ued to de­liver “strong and re­silient or­ganic growth, even with t he back­drop of volatile mar­ket con­di­tions” and high­lighted a num­ber of re­cent ac­qui­si­tions and plans to up­grade its tech­nol­ogy sys­tems.

“We are in­vest­ing in our busi­ness to sup­port fu­ture longterm growth. Th­ese ini­tia­tives are lay­ing the foun­da­tions for long- term growth and will en­sure that we are well placed to cap­ture mar­ket op­por­tu­ni­ties,” he said.

The group noted that funds raised from a share plac­ing will pro­vide it with “flex­i­bil­ity for fur­ther de­vel­op­ment op­por­tu­ni­ties”.

0 ‘ Youngest pop­u­la­tion in Europe’ – CEO David Ni­col

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