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UPDATE 1-Brewin Dolphin agrees to buy Duncan Lawrie Asset Management
December 19, 2016 / 7:51 AM / in a year

UPDATE 1-Brewin Dolphin agrees to buy Duncan Lawrie Asset Management

* 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 (Reuters) - 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 ($31.83 million).

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, Brewin said.

“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)

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