Close Brothers has announced the sale of its asset management business (CBAM) to Oaktree. The deal is anticipated to close in the first quarter of 2025, pending regulatory approval.
Oaktree is a seasoned investor in wealth management companies in the UK. By supporting CBAM’s independence, agility, and self-governance, Oaktree will help CBAM reach its growth goals more quickly.
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The company will trade as CBAM for a while after the sale as a transitional measure. In time, the new name and head office will be disclosed.
The firm will carry on being led by CBAM’s present Executive Committee, which is led by CEO Eddy Reynolds. Oaktree will contribute its skills to strengthen the team further.
CBAM’s CEO Eddy Reynolds stated: “The acquisition of CBAM marks an exciting new chapter in the history of the company, following a strong period of investment and growth. 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.”
Federico Alvares Demalde, managing director at Oaktree added: “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.”
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