Financial services group to sell property fund business

Financial services group to sell property fund business



798_2022-05-03-11-01-31am.gif
.

A leading financial services group has announced plans to sell a section of its company.

Parent company to bridging specialists

Commercial Acceptances

, the

Close Brothers Group

, (Close Brothers) is to sell its property fund management business to the specialist manager, Alpha Real Capital LLP (ARC).

According to a statement released by Close Brothers, the Asset Management division – which has agreed the sale – is to ‘focus on the development of high growth UK wealth and asset management business.’

The statement goes on to describe the sale as a ‘nominal consideration’, resulting in the company’s funds under management reducing by £560 million, a figure predicted to make a ‘negligible’ impact on the profitability of the Asset Management division. 

Close Brothers currently employs over 2,400 people, principally across the UK and Channel Islands, Continental Europe and South Africa.

It has three operating divisions – banking, asset management and securities – and derives revenue from a mix of fees, dealing profits and interest margins.

Leave a comment