Close Brothers Asset Management is set to be renamed in the wake of its sale to Oaktree.
The Close Brothers Group confirmed that the sale has now been completed today (March 3) and said it will enable CBAM to “accelerate its future ambitions at pace”.
The business will continue to trade as CBAM for a short period, but a new name is expected to be announced.
Its current executive committee, led by CEO Eddy Reynolds will continue to lead the business.
Reynolds 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 the deal will support CBAM in its journey towards becoming an independent business.
He added: “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.”
The deal, worth up to £200mn, was first announced in September 2024.
The firm’s latest results showed CBAM has total assets of £192mn and saw managed assets increase 18 per cent to £19.3bn in a year, driven by net inflows and positive market performance.
tara.o’connor@ft.com
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