Punter Southall has bought the corporate pensions business of Brewin Dolphin for an undisclosed fee.
The firm is opening an eleventh regional office in Newcastle to house the 14-strong team who will be moving across as part of the deal. These employees formerly operated out of Brewin Dolphin’s Newcastle office.
Brewin Dolphin has been a Punter Southall actuarial and pension administration client for 19 years. One hundred corporate pension schemes will be transferred across under the deal.
Richard Thomas, director of pension administration at Punter Southall says: “This is an acquisition that makes complete sense for us. Brewin Dolphin have been our client for 19 years and we’ve always been impressed by them.
“Strategically, the acquisition will allow us to continue our expansion across the UK and strengthen the services we can offer to businesses in the North East. With the introduction of auto-enrolment next year, pension provision will become even more important to businesses across the UK. Enhancing our regional presence will help us to offer a broader range of services to a broader range of clients.”
Don Robson, divisional director says: “We’re looking forward to being part of Punter Southall. Whilst some of our clients will continue to invest their funds with Brewin Dolphin Investment Management.”
Charles May, head of Brewin Dolphin in Newcastle says “This specialist pension administration service is a small division of our business. We employ over 350 staff in total in Newcastle and will continue to focus on our core business of investment management and financial planning”.