Brown Shipley snaps up East Anglia hub

NW Brown brings almost £1bn in discretionary assets under management

Brown Shipley has snapped up a £1bn wealth manager based in Cambridge, which will form the basis of its East Anglia hub as the company looks to grow in the regions.

NW Brown predominantly offers financial planning and investment management services to private clients. It also offers employee pensions to corporates.

The Cambridge wealth manager, which also has an office in Norwich, employs 74 staff.

The deal is due to complete by the end of Q3 2019 with NW Brown becoming fully integrated into Brown Shipley in 2020, according to a press release announcing the acquisition.

It will take the business, owned by KBL European Private Bankers, to £9bn in AUM.

Brown Shipley will have seven offices after NW Brown becomes the East Anglia hub.

NW Brown chief executive Oliver Phillips will continue to lead the business after the acquisition. “By joining Brown Shipley, our clients will benefit from access to a broader range of services, in particular the ability to borrow against the portfolios that we manage for them,” Phillips said.

Financial terms of the acquisition have not been disclosed.

Brown Shipley chief executive Alan Mathewson said: “Cambridge, Norwich and the surrounding area is a hotbed of innovation and entrepreneurialism and this acquisition provides significant opportunities for us to grow across the region.”

Brown Shipley expansion

Brown Shipley has made a handful of acquisitions over the past four years.

In 2017, it bought the UK branch of Insinger de Beaufort following the acquisition of Manchester wealth and planning business The Roberts Partnership the previous year.

In 2015, it acquired Hampton Dean, a chartered independent firm of financial planners based in Nottingham.

The wealth manager has been snapping up staff in H1 2019, most recently poaching Sandra Dailidyte from Seven Investment Management in May. Also that month, the wealth manager nabbed Cyrique Bourbon, formerly a multi-asset manager at Morningstar.

In March, Nick Cringle joined from Arbuthnot Latham, while in January private banker Lee Ramsden joined Brown Shipley’s Manchester office from Barclays.

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