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May 16, 2022

Elliott raises holdings in British wealth manager Brewin Dolphin

Activist Elliott has increased its holding in British wealth management firm Brewin Dolphin, which is set to be acquired by Royal Bank of Canada (RBC), reported Reuters.

According to a regulatory filing by Elliott, the firm currently owns a 5.2% stake in Brewin Dolphin.

Last week, the firm reported a 2.42% holding in the UK wealth firm.

Elliott could be considering a counter-offer for Brewin Dolphin, two unnamed sources in the banking industry told the news agency.

Brewin Dolphin, which provides discretionary wealth management in the UK and Ireland, has a network of more than 30 offices.

The firm this week reported a 2.3% increase in the first-half adjusted profit before tax.

RBC signed a deal to acquire the firm for £1.6bn ($2.1bn) this March. The acquisition is expected to close at the end of the third quarter of this year.

One of the sources said that Brewin Dolphin still looked undervalued at the current offer price.

Elliott did not comment on the news.

The demand for wealth management and investment platforms has increased in the UK as retail investment gains popularity.

In June last year, JP Morgan took over robo-adviser Nutmeg for approximately £700m. In December 2021, British asset manager abrdn agreed to buy interactive investor, a subscription-based investment platform, in an all-cash deal worth £1.49bn.

The same month, Raymond James brokered a deal to scoop up wealth manager Charles Stanley through its subsidiary Raymond James UK Wealth Management.

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