UK investment company Brewin Dolphin confirmed on Monday that it is involved in exclusive talks to buy Investec’s Irish wealth management unit.
The comments followed on from a report in the Sunday Times over the weekend that Brewin Dolphin was in discussions to buy the business from Investec Ireland in a deal worth up to €60 million.
“Brewin Dolphin notes the recent press speculation regarding its interest in acquiring Investec’s wealth management business in the Republic of Ireland,” the London-listed company said in a stock market statement. “Brewin Dolphin is in exclusive discussions with Investec in relation to this possible acquisition.”
The development comes a year after AIB pulled out of exclusive talks to buy the entire Irish unit of Investec, which was founded in South Africa but is headquartered in London. It emerged earlier this year that the wealth management part of the business had fielded fresh takeover interest, including from AIB.
Brewin Dolphin acquired Tilman Asset Management in Ireland in 2011 in a deal that was worth up to €36 million.
