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Brewin Dolphin addresses Irish demand with €36m purchase

Benjamin Chiou

LONDON (ShareCast) - Stockbroker and investment manager Brewin Dolphin (Other OTC: BDNHF.PK - news) is set to buy Ireland (Berlin: IIK.BE - news) -based fund management firm Tilman Asset Management for a total consideration of €35.9m (£23.1m), payable in shares. Tilman is based in Dublin and provides discretionary, private client, fund management services. "We are very excited about the prospect of capitalising on what we perceive as a big opportunity in Ireland," said Brewing Dolphin's executive chairman Jamie Matheson. The initial consideration of €20.8m will be paid on completion, and an additional €15m is payable in December 2014, subject to certain performance conditions. "It has been the board's long held view that there is a strong demand in Ireland for the services that Brewin Dolphin can offer. Recent events in Ireland have only made this opportunity greater with many clients moving from banks and other institutions which were dominant in our field," the statement said. "The acquisition of Tilman offers a particularly good opportunity for Brewin Dolphin to address this demand." --- BC