Investment management business Brewin Dolphin has made an Irish purchase by acquiring Tilman, a private client fund management company.

Investment management business Brewin Dolphin has made an Irish purchase by acquiring Tilman, a private client fund management company.

As part of the deal, an initial €20.8 million (£18.3 million) is payable on completion with up to an additional €15 million based on Tilman performance from the time of completion to September 2014.

According to a statement, London-headquartered Brewin Dolphin believes that there is a strong demand in Ireland for private investment management services, with the purchase of Tilman facilitating this move.

Executive officer of Brewin Dolphin, Jamie Matheson, says that the Tilman business is one of the best in Ireland, with a close affinity to that of Brewin Dolphin.

Matheson adds: ‘They believe in complete integrity, fair treatment of their clients and offering a bespoke service which adds value through personal client.

The acquisition follows the recent awarding of AIM Advisor of the year to Brewin Dolphin at the Growth Company Investor Awards.

Ray Tilson, managing director at Tilman, comments: ‘We believe it to be an excellent deal for both our shareholders and employees, while also allowing us to draw on the very considerable resources of Brewin Dolphin to enhance even further the level of service we provide to our clients.’

Tilson explains that the acquisition marks an ‘exciting new chapter’ in the history of Tilman, while also showing a statement of confidence by Brewin Dolphin in the Irish economy.

Under the terms of the deal, the six investment managers and ten support staff at Tilman will continue to be employed as part of the newly renamed Tilman Brewin Dolphin, with Tilson to remain as managing director.