NW Brown, the Cambridge and Norwich-based wealth management solutions company, has merged its financial services operations with UK private banking, wealth, & investment management firm Brown Shipley.
According to a report from Cambridge Independent, the said merger is expected to be completed later in the third quarter of the year and will create a business with almost £9billion of assets under management.
Oliver Philips, chief executive officer of NW Brown expressed his delight about the said acquisition. “This is a hugely positive development for everyone associated with NW Brown, most importantly our clients and our people,” Philips said.
“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.”
Established in 1974, the NW Brown continued to provide financial management solutions to both individuals and corporates. It expanded in 2009 after purchasing a Norwich-based company of financial advisers. It now has a total of £1billion discretionary funds under management and a 74-strong team.
Rory Tapner, chair of Brown Shipley, has the same sentiment over the transaction. “This acquisition is an exciting and significant step in the ongoing drive to increase Brown Shipley’s scale across the UK,” Tapner said.
“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.”
The acquisition is believed to be part of Brown Shipley’s motive to expand its scale and unlock more regional opportunities.
“There are numerous synergies between Brown Shipley and NW Brown across our wealth management client propositions and employee culture, making the business an ideal fit for us,” Alan Mathewson, CEO of Brown Shipley, added.
“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.”