British wealth manager Brown Shipley has agreed to buy local peer NW Brown & Co for an undisclosed amount.

The transaction is pending regulatory approval.

NW Brown delivers a range of services for private clients and corporates including financial planning, investment management, and employee pensions.

The business, set up in 1974, is based in Cambridge and has a presence in Norwich.

The purchase will add £1bn in discretionary funds under management to Brown Shipley’s books, taking the firm’s total assets under management to nearly £9bn.

As part of the deal, 74 NW Brown staff will join Brown Shipley.

Brown Shipley chair Rory Tapner said: “There are numerous synergies between Brown Shipley and NW Brown across their wealth management client propositions and employee culture, making the business an ideal fit.”

NW Brown CEO Oliver Phillips will retain leadership of the business after the completion of the acquisition in the third quarter of this year.

Phillips noted: “By joining Brown Shipley, our clients will benefit from access to a broader range of services, in particular the ability to borrow against the portfolios that we manage for them.”

NW Brown will be merged into Brown Shipley by next year and become the latter’s East Anglia hub.

The latest deal continues Brown Shipley’s buying spree. The firm recently snapped up Insinger de Beaufort, The Roberts Partnership, and Hampton Dean.