Alliance Trust Savings to buy Brewin Dolphin's Stocktrade for £14m

Alliance Trust Savings (ATS) has agreed to acquire Brewin Dolphin's execution-only Stocktrade business in a bid to accelerate its growth.

ATS has agreed a £14m deal for Stocktrade, a figure higher than rumoured yesterday, with Brewin Dolphin set to make £1m from the trade after costs are considered. Brewin Dolphin said Stocktrade had assets of around £4.6bn under management in 2014, producing income of £9.6m and pre-tax profit of £1.6m in the year to September 2014. Stocktrade operated using Brewin Dolphin's troubled Figaro software, while its private client business used different software platforms. Last year Matthew Collis, who headed the Stocktrade business, left Brewin Dolphin, prompting rumours of a divestment ...