Wealth manager Brown Shipley has completed its takeover of Cambridge and Norwich-based Financial Planner NW Brown to create a new East Anglian hub.

NW Brown’s Cambridge office has become Brown Shipley Cambridge and NW Brown in Norwich has become Brown Shipley Norwich.

Brown Shipley, part of a Luxembourg-based Quintet Private Bank, says the move is part of a strategy to develop stronger regional hubs.

The acquisition was first announced in June last year and the two offices will create Brown Shipley’s new East Anglian hub, adding to six existing regional offices.

NW Brown & Co Limited was founded in 1974. It provides Financial Planning and investment management services to private clients and a range of services to corporates, including employee pensions.

Brown Shipley says the services offered by NW Brown will be increased as a result of the acquisition.

The acquisition, for an undisclosed sum, boosts Brown Shipley’s total assets under management to about £9bn.

NW Brown has about £1bn of discretionary funds under management and 74 employees. 

Alan Mathewson, chief executive of Brown Shipley, said, “I am delighted to welcome our colleagues in the Cambridge and Norwich offices into our business, led by, Oliver Phillips, head of office, Cambridge & Norwich. This region is a hotbed of innovation and entrepreneurialism and this acquisition provides significant opportunities for us to grow here.

“I would also like to thank colleagues who’ve worked so tirelessly to ensure that, despite the COVID-19 pandemic, this integration was delivered according to our original timescales.”

Oliver Phillips, head of office, Cambridge & Norwich, said: “As part of Brown Shipley, our clients are already starting to benefit from access to a broader range of services. We look forward to working together as part of a company with a rich history as we look to expand our business over the coming years.”