Intertrust buys local Close Bros business for £29M

(CNS): Close Brothers has announced the sale of its Cayman Islands trust, fiduciary services, fund administration and banking business to Intertrust Group Holding, according to reports across the financial media. Although there is nothing on the firm’s local website, industry sites are reporting that the sale comes only weeks after it confirmed the sale of its business interests in Jersey, Guernsey and the Isle of Man to Kleinwort Benson Channel Islands Holdings in a deal worth £29.1m. The new sale is expected to have a value of around £20.9m, although this is subject to change in line with the net asset position of the business at completion.

The business currently has 61 staff and, as at 31 January, had gross assets of £136m, £85m of funds under management and £113m of customer deposits.

Commenting on the transaction, Close Brothers chief executive, Preben Prebensen, said: “The sale … supports the transformation of the Asset Management division where we are committed to developing and growing our UK based wealth and asset management business.”