Close Brothers Group has announced that the sale of Close Brothers Asset Management to funds managed by Oaktree Capital has been completed.
Oaktree will provide investment and expertise to Close Brothers Asset Management and bolster it is as an independently run and standalone business.
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Furthermore, Close Brothers Asset Management will continue to trade under that name for a short period with a new moniker to be announced.
Eddy Reynolds, CEO of Close Brothers Asset Management, comments: “Today marks the start of an exciting new period for CBAM as a standalone business. I would like to thank all my colleagues for helping us get to this point, and Close Brothers Group for its continued support over the years. Oaktree’s backing will help us maintain and build on our growth strategy and support us in our aspiration to become the leading premium wealth manager in UK for both our clients and our colleagues.”
Federico Álvarez Demalde, Managing Director at Oaktree said: “We are delighted to support CBAM in its journey toward becoming an independent business. We are fully committed to the team’s strategy and the investments we plan to make in both technology and people, ensuring their clients continue to receive the highest quality of service. Having invested in the sector since 2012, across many different businesses, we can confidently say that the business possesses unique characteristics that make its value proposition to customers truly exceptional.”
