Brewin Dolphin snaps up asset manager Duncan Lawrie for £28m

FTSE 250-listed investment manager Brewin Dolphin has snapped up a UK private client investment management business for £28m.

Duncan Lawrie Asset Management (DLAM) has around 1,000 client relationships and manages funds of £735m, Brewin Dolphin said this morning. On a pro-forma basis Brewin Dolphin's total group funds under management will increase to £36.1bn. 

The acquisition was financed through Brewin Dolphin's cash resources, which stood at £171m at the end of September. 

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"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," said David Nicol, Brewin Dolphin chief executive. 

"The transaction demonstrates the attraction of Brewin Dolphin to wealth management professionals and clients who value traditional, personalised services coupled with an innovative, forward-looking approach."

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As part of the acquisition, 11 investment managers and eight investment support staff will join Brewin Dolphin's team, split across the group's London and Bristol offices. 

Meanwhile, Arbuthnot Banking Group has also snapped up a piece of Duncan Lawrie, with its subsidiary Arbuthnot Latham purchasing its private banking loan book for £42.7m in cash.

The loan portfolio carried 83 customer accounts with balances of roughly £44.9m as of October last year.

Brewin Dolphin's profits slipped in the 2016 financial year, after a one-off gain skewed the comparable numbers. 

The wealth manager revealed that its statutory profits before tax had fallen to £50.1m for the full year to September, down 18 per cent from £61m the year before, although the earlier year's figures did contain a gain of £9.7m linked to its earlier sale of Euroclear.