Close International Private Banking has acquired the private client asset management business of Cater Allen Investment Management (CI) Limited for an undisclosed sum.
The acquisition will increase the headcount at Close Brothers' Channel Islands Private Banking and Fund Administration operations to 200, reinforcing the international expansion plans initiated by Close Brothers in 1999 when it first moved into Guernsey through the acquisition of Rea Brothers Group plc.
Further acquisition and growth of the business remain high on the Close group agenda.
Adrian Flambard, Deputy Managing Director of Close International Private Banking in Guernsey, said: "We welcome this opportunity to further expand our Channel Islands business. The new business is extremely well run with a strong management team."
"This acquisition also demonstrates the appetite for expansion internationally of the Close Group. It is a further vote of confidence in the future of the Channel Islands as leading finance centres."
"The combination of the Jersey and Guernsey asset management operations now provides us with critical mass, high levels of expertise and a wide range of very competitive products and services.
"The Guernsey operation has established a successful track record in the field of managed portfolios of funds, as well as directly invested portfolio services."
"The Jersey acquisition will contribute substantially by providing £250 million of additional assets under management, an excellent range of fixed interest and equity funds and its own portfolio management expertise.
"We are now well positioned to actively market a full and proven range of Channel Islands based asset management services, which will include marketing to fiduciary and other service providers in the Channel Islands."
The Jersey business will continue to be managed by Nigel Hall, the current managing director, who is looking forward to expanding the client base and professional team under new ownership.
Issued by Steve Falla, Orchard PR, Tel. 01481 2406000
