* Initial cash payment of 25.5 million pounds
* Brewin Dolphin total AUM to reach 36.1 billion pounds
* Transaction expected to complete in early 2017
(Updates, adds comment)
By Ritvik Carvalho
LONDON, Dec 19 Wealth manager Brewin Dolphin
said on Monday it had agreed to buy Duncan Lawrie Asset
Management for an initial cash payment of 25.5 million pounds
Brewin said the deal would enhance its adjusted earnings in
year one and thereafter and would take the group's total funds
under management to 36.1 billion pounds.
The deal, which will also include a payment to reflect the
value of net assets in the business of around 2.5 million
pounds, would be financed through its internal cash resources,
"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 Brewin Dolphin Chief Executive David Nicol.
Duncan Lawrie Asset Management, with assets under management
of 735 million pounds, is a subsidiary of UK private bank Duncan
Lawrie Limited, itself part of Camellia.
Completion of the transaction is expected to take place in
2017, Brewin said.
($1 = 0.8010 pounds)
(Editing by Simon Jessop)