INVESTMENT manager Brewin Dolphin has sold its Newcastle-based corporate pensions business as it steps up investment in its individual private client operation.

Brewin, which employs around 350 staff in Newcastle, has sold the business to London-based Punter Southall, which runs similar operations organising companies’ pension schemes from its 10 offices across the UK.

When the deal is completed in October the 14-strong Brewin team and the 100 company pension schemes it manages will move to Punter’s new offices in Newcastle.

Charles May, head of Brewin Dolphin in Newcastle, said: “We believe that Punter Southall will be a very good home for these corporate clients and our 14 colleagues.

“This specialist pension administration service is a small division of our business. We employ more than 350 staff in total in Newcastle and will continue to focus on our core business of investment management and financial planning.”

John Duns, North East director of business development and marketing, said: “We want to invest more in our core business and are looking to recruit more senior level financial planners so we can widen the range of services we offer our clients.”