The company will pay around £28m from its own cash resources for Duncan Lawrie Asset Management (DLAM), which will formally come under the Brewin Dolphin umbrella in the first half of 2017, bringing with it cash assets of £2.5m.
Seth Cowburn, head of wealth management at DLAM, will continue to lead the team of 19 managers and support staff who manage funds worth £735m for around 1,000 clients, most on a discretionary basis.
Cowburn said: “The investment management team at DLAM is excited to be joining Brewin Dolphin particularly given that its culture and investment style represent a natural home for DLAM.
“This was important in our decision making, and with the entire investment management team being welcomed by Brewin Dolphin, both continuity of service and the staff will remain unchanged.”
DLAM was historically a subsidiary of Duncan Lawrie Private Banking, the private banking arm of Camellia.
All 19 members of the investment team will move to Brewin Dolphin with 17 employees moving into the London office and two joining the Bristol office.
David Nicol, Brewin Dolphin Chief Executive, 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.”
