Money
Close Brothers sells asset-management business
Close Brothers has sold the asset-management arm of its business to Oaktree.
Oaktree will support Close Brothers Asset Management (CBAM)’s growth ambitions by enabling the company to accelerate its investment programme.
The transaction is subject to regulatory approval and is expected to complete in early 2025.
The business will still trade as CBAM during this transition period and a new name and head office will be announced in due course.
CBAM’s current executive committee, with CEO Eddy Reynolds at the helm, will continue to lead the business.
Reynolds said the acquisition of CBAM “marks an exciting new chapter in the history of the company”.
He added: “Oaktree understands our business, they see the value in what we do, how we do it and the culture we have built.
“As an independent business supported by Oaktree, we are now extremely well placed to continue to successfully pursue the strategy we set out in 2022, to make CBAM the best place in the UK for wealth professionals and their clients.
“This is a great opportunity for everyone at CBAM and I am extremely optimistic about the future.
“As ever, our clients remain our first priority and they will continue to enjoy the same service that they know and expect.”
Oaktree managing director Federico Alvares Demalde said: “We are excited about the acquisition of CBAM, which represents a significant opportunity to further develop the business and strengthen its service offering.
“This new chapter will enhance the business agility, enabling a more effective response to market changes while providing a stable platform for our financial planners and investment managers to thrive.
“We are committed to supporting the business in improving its processes and becoming more customer-centric to meet the evolving needs of our clients.”
CBAM provides a full range of advice, investment management and self-directed services to private clients and professional advisers.
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