New owners for waning private bank
Two major UK firms have broken up a loss-making Island-based investment bank.
Duncan Lawrie, which has offices at Mount Havelock, Douglas, has been bought out by private bank Arbuthnot Lathan and financial advisors Brewin Dolphin.
Lawrie's parent conglomerate, Camellia, had been seeking to rid its assets and pull out of the sector for some time - citing low interest rates and a 'conservative risk appetitie' as its reasons.
A spokesperson said the sales - worth in excess of £70 million - 'should mitigate the impact on clients and staff'.
The Mount Havelock arm is now no longer open to new client accounts, pending an 'orderly wind-up' and refunding of cash balances set to begin in the new year.
It's not yet known how staff in Douglas will be affected.