Investec Ireland is pleased to confirm the sale of its Republic of Ireland wealth management business to Brewin Dolphin Ireland. The transaction was approved by the Central Bank of Ireland and completed on 31 October 2019.
Rationale for the transaction
In light of changes in Investec’s Irish business model brought about by Brexit planning and the ongoing consolidation taking place in wealth management in Ireland, Investec Ireland took the decision to consider approaches for the Irish Wealth & Investment business.
The new combined entity will deliver additional scale and have a singular focus on wealth management in Ireland. It will also ensure clients continue to receive world class, highly individualised wealth and investment solutions, while maintaining the highest standards of governance and compliance. The transaction will create a wealth management business ranked in the top three in Ireland, with assets under management in excess of €4.7bn.
Investec’s other Irish businesses – its Treasury, Corporate Finance, Venture Capital and Private Client Lending businesses – are unaffected by the sale of Wealth Management and have the necessary regulatory structure in place to continue to provide a range of specialist financial services to its clients by its teams based in Dublin and Cork irrespective of any outcome on Brexit.