Close Brothers to Sell Wealth-Management Unit to Oaktree
Close Brothers Sells Wealth Unit to Oaktree to Bolster Capital
Close Brothers Group Plc has agreed to sell its wealth unit to Oaktree Capital Management for an equity value of as much as £200 million ($265 million) as it looks to strengthen its balance sheet amid a regulatory review of its motor finance practices.
Close Brothers to sell asset management arm as motor finance bill looms
Close Brothers' shares are down by around a third since the Financial Conduct Authority announced in January that it would review whether customers were overcharged via now-banned discretionary commission arrangements on car loans.
Close Brothers sells asset management arm for £200m amid car finance probe
The bank said it had sold Close Brothers Asset Management to Oaktree Capital Management in a deal which could rise to £200m
Close Brothers flags cost of motor finance probe uncertainty as it sells wealth manager for £200m
The Financial Conduct Authority launched a probe into the historical sale of loans by UK motor finance companies earlier this year following a surge of complaints from consumers.
Close Brothers to sell asset management arm to Oaktree
Close Brothers will sell its asset management arm to Oaktree in a deal worth up to £200mn. The sale of Close Brothers Asset Management is expected to strengthen the group's capital base. It intends to keep all upfront cash proceeds from the sale, worth around £172mn.
Close Brothers to Sell Wealth-Management Unit to Oaktree for $264 Million
Close Brothers agreed to sell its wealth-management business to funds managed by Oaktree Capital Management for an equity value of up to 200 million pound ($264.2 million) as it works to trim operations and focus on its core lending business.
Oaktree to acquire Close Brothers Group’s wealth management unit for £200m
Oaktree Capital Management has agreed to buy Close Brothers Group’s wealth management unit Close Brothers Asset Management (CBAM) for up to £200 million ($265 million; €237 million).
UK's Close Bros sells wealth business to Oaktree in $265 million deal
Close Brothers Group has agreed to sell its wealth management unit, Close Brothers Asset Management (CBAM), to private equity firm Oaktree Capital Management for up to 200 million pounds ($265 million).
Close Brothers Operating Profit Rises, Sells Wealth-Management Business for $264 Million
Close Brothers said operating pretax profit jumped in fiscal 2024, mainly on a fall in one-off charges and a increase in its loan book, and that it had sold its wealth-management business for around 200 million pounds ($264 million).
Close Brothers AM prepares to shift into its own wealth business
Close Brothers has announced the sale of its asset management business (CBAM) to Oaktree. The deal is anticipated to close in the first quarter of 2025, pending regulatory approval. Oaktree is a seasoned investor in wealth management companies in the UK.
Close Brothers divests asset management division to Oaktree in strategic £200m deal
The sale of Close Brothers Asset Management (CBAM) to funds managed by Oaktree Capital Management is expected to be completed in early 2025 following regulatory approvals.
Reuters22h
UK's Close Bros sells wealth business to Oaktree in $265 mln deal
LONDON, Sept 19 (Reuters) - Close Brothers Group (CBRO.L), opens new tab has agreed to sell its wealth management unit, Close Brothers Asset Management (CBAM), to private equity firm Oaktree ...
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The chief executive of Asset Management has said the sale of his business by to private equity firm Oaktree will accelerate the pace at which is conducts adviser acquisitions.
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Oaktree to pick up Close Brothers Asset Management in £200 million deal
Oaktree Capital Management has agreed to acquire Close Brothers Asset Management (CBAM) – the wealth management arm of ...