Brewin will pay an initial consideration of £18.3m upon completion of the deal, with a further £13.2m payable in December 2014 dependent on the performance of Tilman to September 2014. The entire consideration is payable in Brewin shares, with Tilman to be renamed Tilman Brewin Dolphin upon completion of the deal.
The rationale behind the deal centres on the opportunity created by clients "moving from banks and other institutions which were dominant in our field" as a result of the Irish financial crisis, Brewin says.
"We are very excited about the prospect of capitalising on what we perceive as a big opportunity in Ireland", said Jamie Matheson, executive chairman of Brewin Dolphin.
Tilman had funds under management of £807m as at 30 April 2011, 70% of which are managed on a discretionary basis and less than 10% of which are dependent on the Irish market.