The acquisition, for an undisclosed amount, was said to be part of Brown Shipley’s growth strategy “to add further scale and unlock additional regional opportunities”.
The addition of NW Brown will boost Brown Shipley’s total assets under management to close to £9bn.
Founded in Cambridge in 1974, NW Brown is a wealth manager working predominantly with private clients to offer Financial Planning and investment management services.
The business also provides a range of services to corporates, including employee pensions, and manages investment portfolios.
NW Brown has £1bn of discretionary funds under management and has 74 employees.
The acquisition is expected to be completed by the end of Q3 this year subject to regulatory approval.
Following completion, NW Brown will be fully integrated into Brown Shipley in 2020, serving as the East Anglia hub for the business and adding to the six existing Brown Shipley offices.
Rory Tapner, chair of Brown Shipley, said: “This acquisition is an exciting and significant step in the ongoing drive to increase Brown Shipley’s scale across the UK.
“There are numerous synergies between Brown Shipley and NW Brown across their wealth management client propositions and employee culture, making the business an ideal fit.”
Alan Mathewson, CEO of Brown Shipley, added: “Cambridge, Norwich and the surrounding area is a hotbed of innovation and entrepreneurialism and this acquisition provides significant opportunities for us to grow across the region.
“We are delighted to welcome the NW Brown team to Brown Shipley and look forward to putting in place the exciting growth plans we have for the business.”
Oliver Phillips, CEO of NW Brown, who will continue to lead the business following the acquisition, said: “This is a hugely positive development for everyone associated with NW Brown, most importantly our clients and our people.
“By joining Brown Shipley, our clients will benefit from access to a broader range of services, in particular the ability to borrow against the portfolios that we manage for them.
“We are delighted to join a company with a set of values and a vision of wealth management that so closely mirrors our own.
“We look forward to working together as part of a company with such a rich history as we look to expand our business over the coming years.”