Brewin Dolphin to acquire Duncan Lawrie Asset Management

To complete in first half of 2017

Brewin Dolphin is to buy Duncan Lawrie Asset Management(DLAM)for around £28m,increasing the firm's funds under management to £36.1bn.

The deal will comprise a cash payment on completion of £25.5m and a payment to reflect the value of the net assets of the business at that date (estimated at £2.5m). It will be financed from Brewins' own cash resources, which stood at £171m at the end of the company's financial year (30 September 2016). Completion of the acquisition is expected to take place during the first half of 2017, and is still subject to certain regulatory approvals. DLAM has £735m in funds under management, around 1,000 clients and 19 staff. Approximately 84% of these funds are managed on a discretionary b...