British wealth manager Brewin Dolphin has agreed to sell its execution-only stockbroking business Stocktrade to Alliance Trust Savings for £14m in cash.
Stocktrade, which is based in Edinburgh, had assets under administration of £4.3bn as at 28 September 2014.
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Post acquisition, Stocktrade’s divisional directors, Graham Swan and Nicholas Pearson, will remain with the business in senior management positions, while the existing Stocktrade team in Edinburgh will move across to Alliance Trust Savings.
Brewin Dolphin chief executive David Nicol said: "The sale of Stocktrade is a good result for shareholders, customers and colleagues. It is consistent with our strategy of streamlining and simplifying the Group’s operations and will help further enhance shareholder value by allowing us to continue to focus on growing our core wealth management business."
Alliance Trust Savings managing director Patrick Mill remarked: "Stocktrade is a great strategic fit for ATS, giving us access to new customers, an increase in assets and the opportunity to build a strategic partnership capability."
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