Aviva has lifted its stake in Brewin Dolphin beyond the 3% threshold.
The life office and its subsidiaries bought 200,000 shares on 7 May worth around £650,000 based on Brewin’s closing price of £323.6p.
The transaction lifts Aviva Investors total holding to a little more than 8.4 million shares, representing 3.06% of the £855 million wealth firm and worth £27 million.
Led by chief executive David Nicol (pictured), Brewin’s prospects have been talked up after the UK Budget scrapped the requirement for people to buy an annuity on retirement.
'We had been positive on the space as industry dynamics are improving thanks to consolidation and IFAs leaving the sector and regulation which pushed up fixed costs for the industry, giving a further advantage to larger wealth managers,’ Wright said in the aftermath of Budget.
'A key position is Brewin Dolphin which also benefits from internal change as a new management team focus on cutting costs and raising margins closer to those of peers.'
Meanwhile Artemis fund manager AAA-rated Tim Steer told Wealth Manager at the start of last month that Brewin scored 100 out of 100 on his screening tool, making it the most attractive stock on the market.
At 11am shares in Brewin were up 1.1% at 324.3p.