Brewin Dolphin plc has sold its Stocktrade platform, an execution-only stock broking business, to Alliance Trust Savings in a bid to fuel market share and assets under administration, according to a Stocktrade report.
Brewin Dolphin plc is one of the largest British investment management and financial planning firms with nearly forty offices throughout the UK and Channel Islands. Stocktrade clients were given the news today, along with the assurance of continued business absent of any issues brought on by acquisition. Stocktrade clients will be contacted over the coming weeks to set out their options.
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According to Alliance chief executive, Katherine Garrett-Cox, in a recent statement on the acquisition, “Our strategy for ATS is to grow the business organically, but when appropriate acquisition opportunities present themselves that fit with our stringent criteria then these will be assessed. The acquisition by ATS of Stocktrade is an example of us putting this strategy into action and pursuing our ambitious growth targets.”
“This is a very good move on the part of Ms Garrett-Cox. It is part of her strategy to deliver profits at Alliance Trust Savings and fits with what Elliott had demanded,” added James Maltin, investment director at Rathbones, the broker and a shareholder in Alliance Trust, in an accompanying statement.