Kleinwort Benson has
completed the purchase of Close Offshore Group (COG).

The acquisition, which was
announced in March, is for a cash consideration of £26.4m
($43.3m).

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It includes COG’s private
banking, fund administration, fund management, trust and asset
management businesses across Guernsey, Jersey and the Isle of
Man.

The acquisition increases the
size of Kleinwort Benson’s private wealth assets under management
by £1.6bn.

The purchase raises
Kleinwort’s total assets under management to about £7bn and boosts
its employee base by 36% to 979.

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