BREWIN Dolphin’s advisory and broking business starts a new life today under the ownership of Spain’s N+1 investment bank.
Around 15 of the Brewin Dolphin employees have invested around £500,000 in the venture, giving them a 21 per cent stake in the business.
Brewin Dolphin, which retains its wealth management business, will take a 14 per cent stake with Spain’s N+1, an investment bank owned by Santiago Eguidazu, taking more than 60 per cent.
For the 55 employees, life may feel pretty much the same since the Spanish have agreed a services agreement which will keep the London contingent in their old Brewin Dolphin offices, while those outside the capital in offices in Leeds, Newcastle, Glasgow and Edinburgh will remain where they are.
Chief executive Jamie Cumming said: “Obviously we could have merged with one of our peer group but that way we would have lost the cohesiveness of our team. This way we’re taking a bold step with an owner that wants to have a footprint in London.”
N+1 had revenues of €42.8m in 2010 on which it made a net profit of €12.6m.
