Brewin Dolhpin sells stocktrade business to Alliance Trust for £14m

Brewin Dolphin has sold its stocktrade business to Alliance Trust Savings for £14m.

Stocktrade is an execution-only division which reported income of £9.6m and £1.3m of profit before tax in 2014.

The sale is expected to be completed this year and the group expects to gain £1m with the transaction.

Chief executive David Nicol said the sale is "is consistent with our strategy of streamlining and simplifying the group's operations and will help further enhance shareholder value by allowing us to continue to focus on growing our core wealth management business".

Alliance Trust's managing director Patrick Mill said the acquisition will bring new customers and increase its asssets, while aligning a stockbroing business into its services.

Shares in Brewin fell 0.71% to 349p on Thursday at 10:24.