Please list all the products and services that are available either through intermediaries or direct...
Please list all the products and services that are available either through intermediaries or directly to high-net-worth clients.
Close Premier Banking - a multi-currency banking package offering savings, fixed deposits and current accounts with Visa, international payment and dedicated CRM. Close Global Funds - a range of offshore funds covering total and absolute return strategies investing in money market, bonds, property, equities and hedge/ alternative investments.
Close Discretionary Investment Portfolios - tailored portfolios to cater for income, growth, capital preservation or a blend of all three.
Close Trustee Service -Trust structures from simplified retail solutions ideal for holding client's insurance products to tailored specialist structures.
Close International Pensions - an international pension with no restriction on the type of assets held and multiple benefits on exit.
In which countries do you have representative offices?
Jersey, Guernsey, Isle of Man and Portugal. The Close Brothers Group has offices in the UK.
Into which jurisdictions can you promote your products/services?
Jersey, Guernsey, Isle of Man. We also distribute in the UK via licenced intermediaries.
What are your total assets under management and roughly how are they split between your various types of product and service?
We do service clients who come direct to us, generally via our website, client referrals or responses to reports in the media. However, the majority of our customers come via advisers. We have no restriction in dealing with advisers who are either regulated in their home jurisdiction or, where regulation is lacking, appropriately qualified. Asset under management - US$1.2bn; cash on deposit - US$800m; assets under administration - US$4bn;
How are your clients split geographically?
Africa - 40%, Europe - 47%, UK - 8%, ME - 2%, Far East - 2%, Other - 1%.
If you are a subsidiary, has your parent company given any legally-binding promises to protect investors of their international subsidiary in the case of problems?
Close is rated as "Highest Credit Quality" by the independent rating agency Fitch, demonstrating the highest ability to repay depositors. All subsidiaries are appropriately regulated and supervised within their jurisdiction and afforded protection as appropriate to each jurisdiction.
Has your parent company given any non-legally binding assurances?
What are you plans for future expansion and change over the next 12 months?
Close Private Bank (CPB) is planning expansion into several key territories by way of physical presence. This is designed to shorten the distance between the company, its core introducers and the market place. CPB is also planning the development of an intermediary-focused service delivery platform to strengthen its supply chain early next year. From a product perspective, CPB will be launching a new multi-asset/multi-manager fund range in the next six months to compliment its existing fund range. Development continues in the international pension arena, and CPB will soon become the first private bank to offer a full range of international pensions from retail to highly bespoke.
History of the international company
Established in 1878, Close is the largest of Britain's independent merchant banks. Rated independently as being of 'Highest Credit Quality', Close offers corporate and individual customers a wealth of financial experience. Close Brothers provides a distinctive private banking experience by the combination of its offshore operations.
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch
To drive progress