The sale of Close Brothers Asset Management (CBAM) to funds managed by Oaktree Capital Management has been completed, with the business becoming an independent wealth management firm.

In September 2024, Close Brothers Group announced it had agreed to sell CBAM to funds managed by Oaktree for an equity value of up to £200m.

Close Brothers Group has confirmed that the acquisition has now been completed.

The business will continue to trade as CBAM for a ‘short period’, with a new name to be announced “in due course”.

Following the acquisition, Oaktree will provide investment and expertise to CBAM to support its aim of becoming an “agile, independently run, and standalone business”, and accelerate its future ambitions and deliver its strategy.

CBAM’s current Executive Committee, which is led by CEO Eddy Reynolds, will continue to lead the business, with Oaktree expecting to add further members to the team.

“Today marks the start of an exciting new period for CBAM as a standalone business,” stated CBAM CEO, Eddy Reynolds.

“I would like to thank all my colleagues for helping us get to this point, and Close Brothers Group for its continued support over the years.

“Oaktree’s backing will help us maintain and build on our growth strategy and support us in our aspiration to become the leading premium wealth manager in UK for both our clients and our colleagues.”

Oaktree managing director, Federico Álvarez Demalde, commented: “We are delighted to support CBAM in its journey toward becoming an independent business.

“We are fully committed to the team's strategy and the investments we plan to make in both technology and people, ensuring their clients continue to receive the highest quality of service.

“Having invested in the sector since 2012, across many different businesses, we can confidently say that the business possesses unique characteristics that make its value proposition to customers truly exceptional.”

---