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Brewin Dolphin to acquire Duncan Lawrie Asset Management

Brewin Dolphin Holdings Plc subsidiary Brewin Dolphin Ltd. agreed to acquire Duncan Lawrie Holdings Ltd.'s U.K. unit, Duncan Lawrie Asset Management, subject to regulatory approvals.

Duncan Lawrie Holdings, which trades under the name Duncan Lawrie Private Banking, is the private banking arm of Camellia Plc.

Consideration for the deal will comprise £25.5 million in cash after completion and a payment reflecting the value of net assets in Duncan Lawrie at that date, estimated at £2.5 million.

The transaction, which will be funded from the group's internal cash resources, is expected to complete during the first half of 2017. The transaction is expected to be accretive to EPS, as adjusted, after September 2017.

Under the agreement, 11 investment managers and eight investment support staff from Duncan Lawrie Asset Management are expected to join the London and Bristol offices of the group where they will continue to be led by Seth Cowburn.

N M Rothschild & Sons Ltd. and Ashurst LLP acted as advisers to Brewin Dolphin on the transaction.

Separately, Arbuthnot Banking Group Plc said that its subsidiary Arbuthnot Latham & Co. Ltd. completed the purchase of a private banking loan portfolio from Duncan Lawrie Ltd.

The consideration for the deal of £42.7 million, which is subject to completion adjustments until Jan. 31, 2017, will be funded from the group's own cash resources. As at Oct. 31, the portfolio had total customer balances of approximately £44.9 million and comprised 83 customer accounts.

Camellia said it decided to sell most of the Duncan Lawrie businesses as a result of lower interest rates and other factors changing the outlook for private banking.