Private Equity

Oaktree buys Close Brothers’ asset management arm

Wealth and banking group adds to capital buffer ahead of possible regulatory hit

Oaktree buys Close Brothers’ asset management arm
Photo: Hannah Songer/Getty Images

Private equity house Oaktree has agreed to buy Close Brothers’ asset management arm as the wealth and banking group looks to safeguard its capital position ahead of a potential wave of compensation claims.

Close Brothers Asset Management had decided on a sale worth up to £200m “following a comprehensive strategic review”, according to a 19 September update.

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