We have been informed that Brewin Dolphin, our largest investment supplier, is to be bought by Royal Bank of Canada (RBC). The Board of Brewin Dolphin has unanimously recommended to shareholders that they accept the offer from RBC to acquire their shares at 515 pence per share in cash.
It is expected that the acquisition will be completed by the end of the third quarter of 2022, subject to the deal gaining regulatory and shareholder approval.
We will keep all our clients informed of what this change will mean for them, but the Board of Brewin Dolphin believe that this will be the best way of developing the business and continuing to serve its clients. As one of the largest global financial institutions, RBC represents a high quality and stable owner for Brewin Dolphin, with significant financial and intellectual resources.
Robin Beer, Chief Executive of Brewin Dolphin comments: “We believe that by becoming part of RBC we would be able to make available a broader range of products and services and to improve client experience, particularly digitally.
“We believe that RBC’s aim of providing high quality client service via a client-centric culture aligns with our own strategy and values. Both Brewin Dolphin and RBC place a strong emphasis on integrity and behaviours which support a good organisational culture. We also have a common commitment to creating an inclusive culture which fosters employee development and wellbeing, and a focus on supporting local communities and driving positive changes in society. These key values will enable us to continue delivering the best results for clients.”
In time, the aim is for Brewin Dolphin and RBC Wealth Management International to be combined into a single business, which as at 31 December 2021 on a pro-forma basis would have £64 billion of assets under management and approximately 600 client facing professionals.