Oaktree to acquire Close Brothers Asset Management from Close Brothers for £200m.

Oaktree, an American private equity firm, agreed to acquire Close Brothers Asset Management, a wealth manager providing personal financial advice and investment management services, from Close Brothers, a UK merchant banking group, for £200m. “We are delighted that Close Brothers chose to partner with us on this important transaction. We have observed CBAM’s progress over several years and hold the franchise in high regard. The business is well known for its client centric culture which we absolutely intend to preserve and nurture as we invest in its service capabilities and technology to build a vertically integrated UK wealth business of scale. In the coming months we will bring to bear our extensive operational experience in the sector to work closely with Close Brothers and ensure a successful separation and transition of the business,” Federico Alvarez-Demalde, Oaktree Managing Director.