Close Brothers Group today confirmed that following regulatory approval, the sale of Close Brothers Asset Management (CBAM) to funds managed by Oaktree Capital Management has completed.
Oaktree is an experienced investor in UK wealth management businesses and Oaktree’s support for CBAM as an agile, independently run and standalone business, will enable CBAM to accelerate its future ambitions at pace, the statement today (3 March) said.
The business will continue to trade as CBAM for a short period, with a new name to be announced in due course.
CBAM’s current executive committee led by CEO Eddy Reynolds will continue with Oaktree "providing its expertise to add further strength to the team".
Eddy Reynolds, CEO of Close Brothers Asset Management, said: “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.”
