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British wealth manager Brewin Dolphin has confirmed that he is in talks with Investec regarding the acquisition of the wealth management business of the South African group in Ireland.
Brewin Dolphin, which manages 35 billion pounds of client badets, said Sunday that he was in exclusive talks with Investec about the potential acquisition, although he could not there can be no certainty that a transaction will be concluded.
The statement comes after the Sunday Times announced that Brewin Dolphin was competing with Allied Irish Banks to buy Investec's Irish private equity brokerage business for € 60 million.
Investec did not immediately respond to a request for comment.
Any acquisition would be Ireland's second largest Brewin Dolphin transaction in less than ten years. In 2011, it acquired Tilman, an Irish fund management company with £ 807 million in badets, for approximately £ 31 million.
It would also boost the badets of the UK-listed company at a time when many UK wealth managers have experienced many customer inflows due to widespread uncertainty about the UK's economic outlook after its exit. from the EU.
Brewin Dolphin said in January that its total badets had fallen nearly 8% from the previous quarter, to stand at £ 39.5 billion.
The CEO of the company, David Nicol, said at the time that "the lower market levels and persistent macroeconomic uncertainty" had affected the last quarter of 2018, adding that the nervousness of the financial advisors and investors meant that 'customer activity had slowed down'.
In 2016, Brewin Dolphin acquired British wealth manager Duncan Lawrie Asset Management for £ 28m, bringing its badets under management to £ 36m. Duncan Lawrie managed £ 735 million of client badets prior to the acquisition and serviced over 1,000 customer relationships.
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