Wealth management firm Brewin Dolphin has agreed to buy Investec’s Irish wealth management business for around £38 million.

The deal – subject to subject to regulatory approval – is expected to take place in the second half of 2019, the company said in a statement on the London Stock Exchange.

The acquisition will bring around £2.5 billion of assets under management and advice into Brewin Dolphin’s portfolio. The firm has an office in Penrith.

On completion, Brewin Dolphin will become one of the UK’s biggest wealth management businesses, with total assets under management just shy of £4bn.

Its chief executive David Nicol, said: “This acquisition, which is consistent with our strategy of growth in assets under management, provides us with an exciting opportunity to strengthen substantially our existing presence in the Republic of Ireland, one of Europe's fastest growing economies. 

“We will also be in a stronger position to benefit from the country's growing demand for discretionary and advice-led services, supported by favourable demographics, with the country having the youngest population in Europe. 

“Our businesses are highly compatible in terms of culture, values, investment philosophy and client centric approach, which combined with our established platform, will enable us to meet more effectively the growing demand for wealth management services in both the UK and the Republic of Ireland.”