Close Brothers to sell wealth management arm for £200m

Close Brothers Asset Management sold to Oaktree Capital Management

Cristian Angeloni
clock • 2 min read

Close Brothers Group has agreed to sell its wealth management business, Close Brothers Asset Management (CBAM), to funds managed by Oaktree Capital Management for up to £200m.

In a stock exchange notice today (19 September), Close Brothers said the equity value of up to £200m represents a multiple of 27x CBAM's statutory operating profit after tax for the year to 31 July 2024, and includes a £28m of contingent deferred consideration in preference shares. The group will retain all upfront cash proceeds from the sale, around £172m – of this, a cash consideration of £146m will be paid on completion and a dividend of £26m will be paid by CBAM to Close Brothers on or before completion. The contingent consideration will be redeemable "no later than Oaktree's exit...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Evelyn Partners CEO and financial planning boss join Natwest executive committee

Evelyn Partners CEO and financial planning boss join Natwest executive committee

Christopher Kenny and Emma Sterland made MDs

Sophia Panayi
clock 16 July 2026 • 1 min read
Fairstone makes double IFA acquisition

Fairstone makes double IFA acquisition

Snaps up Grainger Financial Planning and Riverstone Wealth Management

Isabel Baxter
clock 16 July 2026 • 2 min read
Finli buys seven advice firms in Q2 adding £269m in AUM

Finli buys seven advice firms in Q2 adding £269m in AUM

Completed 13 acquisitions in first half of 2026

Jenna Brown
clock 16 July 2026 • 1 min read