Mon, 22 Nov 2010 | DIVISION SALE
Financial services group Close Brothers is looking to dispose of its Channel Islands-based businesses.
Deloitte has been hired to handle the sale of the private banking, fund management and fund administration operations located on Jersey and Guernsey, the combined value of which has been estimated at between £30 million and £35 million.
The bank sold its corporate finance advisory unit, now known as DC Advisory partners, to Japanese firm Daiwa Securities SMBC in 2009. The sale was followed by speculation earlier on this year that Winterflood Securities would be placed on the market. Sources addressed the rumour saying a sale of the business, worth an estimated £500 million, was unlikely to occur, however.
Close Brothers announced in early October the sale of its property fund management division to property fund manager Alpha Real Capital LLP. The transaction includes the transferral of 35 employees, assets and cash to the value of £650k. The sale was to allow Close Brothers to focus on “the development of a high growth UK wealth and asset management business”, it said on its website.
Established by William Brooks in 1878, Close Brothers started out by providing farm mortgages in Iowa, progressing to finance the first railway in Alaska.
In the 1990s the bank expanded through several acquisitions, one of which was Winterflood Securities in 1993. Its 1999 purchase of Rea Brothers set up the foundation of Close Brothers’ asset management and offshore operations.
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