Close Brothers Group is exploring the potential sale of its wealth management unit, according to a report from Bloomberg Law, with the firm allegedly working with Goldman Sachs on a review of the business.
A potential sale could be worth up to £300m ($389m, €352m), said Bloomberg, citing ‘people familiar with the matter.’
However, the UK-based asset manager has not made a final decision and could still retain its wealth management arm.
Close Brothers Asset Management refused to comment after being approached by our sister publication Portfolio Adviser.
In its most recent trading update, Close Brothers Group reported an ‘upbeat’ third quarter to the end of April after a poor first half.
Over the three months, the merchant banker’s loan book increased 2% to £9.2bn.
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