Wealth management firm snaps up Eastern Counties counterpart
Wealth and investment management firm Brown Shipley, which has an office in Nottingham, has bought NW Brown & Co, a Cambridge-based counterpart which also has an office in Norwich.
Brown Shipley says the addition of NW Brown will increase Brown Shipley’s total assets under management to almost £9bn.
NW Brown has £1bn of discretionary funds under management and has 74 employees.
The acquisition is expected to complete by the end of Q3 2019 subject to regulatory approval. Following completion, NW Brown will be fully integrated into Brown Shipley in 2020, serving as the East Anglia hub for the business and adding to the six existing Brown Shipley offices.
Rory Tapner, chair of Brown Shipley, said: “This acquisition is an exciting and significant step in the ongoing drive to increase Brown Shipley’s scale across the UK. There are numerous synergies between Brown Shipley and NW Brown across their wealth management client propositions and employee culture, making the business an ideal fit.”
Alan Mathewson, chief executive of Brown Shipley, added: “Cambridge, Norwich and the surrounding area is a hotbed of innovation and entrepreneurialism and this acquisition provides significant opportunities for us to grow across the region. We are delighted to welcome the NW Brown team to Brown Shipley and look forward to putting in place the exciting growth plans we have for the business.”
Oliver Phillips, chief executive of NW Brown, who will continue to lead the business post-acquisition, said: “This is a hugely positive development for everyone associated with NW Brown, most importantly our clients and our people. By joining Brown Shipley, our clients will benefit from access to a broader range of services, in particular the ability to borrow against the portfolios that we manage for them. We are delighted to join a company with a set of values and a vision of wealth management that so closely mirrors our own. We look forward to working together as part of a company with such a rich history as we look to expand our business over the coming years.”
Financial terms of the deal have not been disclosed.
Recent Brown Shipley acquisitions include Hampton Dean, a chartered independent firm of financial planners based in Nottingham.
