Wealth manager and Financial Planner Brewin Dolphin has confirmed it is in exclusive talks to take over Investec’s wealth management business in the Republic of Ireland.

Brewin has responded to press speculation over the weekend that a deal is on the cards but says no agreement has yet been reached.

Brewin however confirmed in a statement today that it is in “exclusive discussions with Investec in relation to this possible acquisition.”

It added that: “Discussions are ongoing and there can be no certainty that a transaction will be agreed. A further announcement will be made if and when appropriate.”

Brewin has made a number of takeovers in recent years including in December Basingstoke-based IFA and Financial Planning firm Aylwin Limited. It said at the time that it planned to use the deal expand its new office in nearby Winchester.

The Investec private client stockbroking unit in the Republic of Ireland is believed to have a value of approximately £50m and is understood to have attracted interest from potential buyers for some time.

Brewin already has offices and a presence in Ireland and bought Tilman Asset Management based in Dublin seven years ago for approximately £31m.

Brewin Dolphin focuses on discretionary investment management and  manages £34.9 billion for clients. It has a network of offices across the UK, the Channel Islands and the Republic of Ireland.