British wealth manager Brewin Dolphin Holdings said that it is in talks to acquire Investec’s wealth management business in Ireland.
The company said that the discussions were ongoing and there was no certainty that they would lead to a transaction.
The company’s comments came after the Sunday Times newspaper reported that Brewin Dolphin is competing with Allied Irish Banks (AIB) to buy Investec’s private client stockbroking business, with a price tag of up to 60 million euros ($68 million).
London-based Rathbones is another company interested in acquiring the business, the Sunday Times said.
Both AIB and Rathbones did not immediately respond to requests for comment.
Brewin Dolphin has a network of 30 offices across the UK, Channel Islands and in the Republic of Ireland.
Brewin Dolphin’s office in Leeds has been established for around 100 years. The Yorkshire-based team provides financial planning, bespoke investment management and services for professional intermediaries.
Brewin Dolphin’s Yorkshire-based charity team provides specialist investment management to charities across the region. Eight years ago, Brewin Dolphin agreed to acquire Tilman, a privately owned private client fund management company, based in Ireland.
At the time, Brewin Dolphin said it believed there was a strong demand in Ireland for the services that the firm had to offer.
Investec has sponsored a number of major sporting events in recent years, including horse racing and Test cricket.