Wealth manager and Financial Planner Brewin Dolphin has completed the takeover of the wealth arm of Investec Group in the Republic of Ireland for just under £40m net.

The deal, first revealed in May, is worth a net £39.9m (€44m) and will help make Brewin one of the largest wealth managers in Ireland.

Brewin Dolphin Wealth Management Limited in Ireland has bought the wealth management business of Investec Group in the Republic of Ireland  (Investec Capital & Investments (Ireland) Limited ("ICIIL").

The total consideration was £43.2m (€50.2m) comprising net assets of £11.2m (€13.0m) and including surplus capital of £5.34m (€6.2m), and client relationships value of £32m (€37.2m).

David Nicol, Brewin Dolphin chief executive, said: "Completing this acquisition substantially increases our presence in one of Europe's fastest growing economies and the combined business will make us the third largest wealth management business in the Republic of Ireland with total funds under management of €4.8bn as at 30 September 2019.

“Integration of the two businesses (Brewin and Investec in the Republic of Ireland) is on track and the expected cost synergies have been extracted as we had planned. The combined business provides us with a strong platform from which to grow."

Brewin Dolphin is a UK discretionary wealth manager looking after £39.1 billion of funds.