Brewin Dolphin could be the next big wealth firm to switch its London headquarters.
According to sources close to Brewin, the national investment manager is looking at the possibility of moving from its Farringdon base at 12 Smithfield Street.
Brewin, which traces its origins back to 1762, has used this as its London home for around 10 years.
Intriguingly, alongside a potential move to new premises, Brewin is also rumoured to be looking to open a private office-type arm in Mayfair.
Brewin refused to comment directly on the rumours, but did admit it is reviewing its options. A spokesperson for the firm told Wealth Manager: ‘We are looking at our current office requirements in London, but there’s nothing currently to confirm.’
Speculation that Brewin, which has 29 offices dotted across the country, may be looking to relocate in London fits with the recent trend among its wealth rivals, a number of which have moved headquarters to facilitate ambitious growth plans.
These include Rathbones, which moved from Mayfair to the new City of London landmark building at 8 Finsbury Circus at the start of the year. The move almost doubled its floor space to 75,000 feet.
More recently, GAM announced it would also be taking space at Finsbury Circus at the start of 2019 when it relocates from its St James’s offices.
After a tricky spell, which saw it close a number of offices across the country and suffer a £31 million tech write down, Brewin has found its feet again under the watch of chief executive David Nicol.
At the end of 2015, Nicol voiced his firm’s intent when he said expansion was back on Brewin’s agenda after a turbulent two years. This conviction was demonstrated by the acquisition of Duncan Lawrie Asset Management earlier this year, its first market foray since 2011.
In its most recent trading update, Brewin underlined the turnaround by posting a record £77.3 million income over the three months to the end June, while discretionary funds under management rose by 4.4% to £32.9 billion