450 attend N W Brown reception at St John's following Brown Shipley merger
Discussions between N W Brown and Brown Shipley over a merger of operations first began six years ago.
Addressing 450 guests at N W Brown’s annual reception on the sun-drenched backs of St John’s College, chairman Mark Jeffries explained the long background to the deal between the private wealth management firms, announced the previous week.
“Discussions with Brown Shipley first took place in 2013, a few years before I became involved in the group,” he said. “You could say it’s been a long courtship but that long courtship has enabled both sides to get to know each other extremely well but most importantly to check the compatibility of the two businesses, to check that they have the same ethos in terms of client service and approach to staff.”
N W Brown CEO Oliver Philips, who will continue to lead the business in East Anglia, recalled how those conversations progressed.
He said: “Today is certainly one of those days when we can all be grateful that Nigel Brown did not up sticks and relocate somewhere…
“I first started conversations with Alan Matheson, the CEO of Brown Shipley, about a year ago over a cup of coffee. We discovered that we run our businesses in a very similar way: look after your clients properly and personally and the business will look after itself.
“Our differences are what led to our continued conversation. Brown Shipley is able to offer clients a greater range of services, which we see as a significant extra string to our bow, while N W Brown operates in a part of the country that Brown Shipley do not, specifically Cambridge, Norwich and the surrounding areas.
“In short, we had a meeting of minds and that had a very natural conclusion.
“We are hugely excited about this milestone in N W Brown’s journey. We are proud to be part of a larger Brown Shipley with its greater resources and European reach through the KBL European Private Banking.”
Mr Matheson added: “We are a private client wealth manager with £9billion under management. The obvious gap that we had in our portfolio was Cambridge.
“Cambridge, with its thriving entrepreneurial biotech hub, was a perfect location for Brown Shipley.”
He said Brown Shipley, which also offers private banking services, was “really excited” to have found “the best private client wealth manager in the city”.