Close Finsbury is the new name of Finsbury Asset Management in light of Close Brothers acquisition o...
Close Finsbury is the new name of Finsbury Asset Management in light of Close Brothers acquisition of the group's parent company Rea Brothers last year.
The change of name does not mean the six Finsbury investment trusts will come under the administration of Close Brothers' existing investment trust subsidiary, Close Fund Management, according to Colin Edge marketing director of Close Finsbury.
He said: "Our business is completely different from Close Fund Management.
"It, broadly speaking, runs structured products like Close TechMark, escalator funds and its two FTSE tracking split capital trusts.
"Both companies have definitive brands so it would seem pointless, for instance, to dispose of the Finsbury brand.
"The board of Close Brothers has said it wants to keep the two businesses completely separate."
From a practical aspect, he added, as the two companies do not overlap with each other any merger would not benefit from economies of scale.
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