LONDON Wealth manager Brewin Dolphin (BRW.L) said on Monday it had agreed to buy Duncan Lawrie Asset Management for an initial cash payment of 25.5 million pounds ($31.83 million).
Brewin said the deal would enhance its adjusted earnings in year one and thereafter and would take the group's total funds under management to 36.1 billion pounds.
The deal, which will also include a payment to reflect the value of net assets in the business of around 2.5 million pounds, would be financed through its internal cash resources, Brewin said.
"DLAM is a high quality investment management business and the acquisition is an excellent fit for us given the shared business philosophy centered on a personalized approach to client service," said Brewin Dolphin Chief Executive David Nicol.
Duncan Lawrie Asset Management, with assets under management of 735 million pounds, is a subsidiary of UK private bank Duncan Lawrie Limited, itself part of Camellia (CAME.L).
Completion of the transaction is expected to take place in 2017, Brewin said.
(Editing by Simon Jessop)