Investment firm Brewin Dolphin today confirmed it is in talks to buy Investec’s wealth management business.
The group, which employs more than 200 at its offices in Edinburgh and Glasgow, said the negotiations with South African-headquartered Investec were on an exclusive basis but added there was no certainty a transaction will be agreed.
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The confirmation came after reports over the weekend that the firm was competing with Allied Irish Banks to buy the Dublin-based Investec arm in a deal which could be worth around £50 million.
If Brewin Dolphin is successful, it would mark its second deal in Ireland in the past eight years. It bought fund manager Tilman in a £30 million deal in 2011.
In January Brewin Dolphin reported an 8% fall in first quarter assets, blamed on lower market levels and ongoing economic uncertainty.
