Belfast Telegraph

Brewin Dolphin dips into Republic with acquisition

By David Elliot

Investment management company Brewin Dolphin has made an acquisition in the Republic.

It has bought Tilman, a privately-owned client fund management company, for an initial sum of £18.3m and up to an additional £13.2m based on the performance of the company in its first full financial year to September 2014.

The board of Brewin Dolphin, which has an office in Belfast, said it has long held the view that there is a strong demand in Ireland for its services and believes the downturn has made the opportunity even greater.

"This is an exciting opportunity for Brewin Dolphin and it is a natural progression to have a presence in Dublin," said Hal Catherwood, the regional director for Brewin Dolphin in Scotland and Northern Ireland.

"The acquisition of Tilman should provide an excellent platform to attract new teams of investment managers as well as new clients. We believe Irish investors will continue to seek non-bank wealth management due to the current economic situation."

Stockbroking firm Peel Hunt said the deal takes Brewin Dolphin into new markets and makes strategic sense. In a note to clients it said the acquisition "could unlock meaningful efficiencies and result in operating margin accretion."

Ray Tilson, manager director of Tilman, said: "We believe it to be an excellent deal for both our shareholders and employees, while also allowing us to draw on the very considerable resources of Brewin Dolphin to enhance even further the level of service we provide to our clients.

"This represents an exciting new chapter in the history of our firm and we look forward to working closely with our colleagues in Brewin Dolphin. It also represents a statement of confidence by Brewin Dolphin in the future of Ireland's economy and of its ongoing attractiveness as a business location."