Close Brothers sells property arm
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Close Brothers is to sell the property division within its asset management arm to Alpha Real Capital.
Close says the property fund management business is being sold for a nominal amount. All 35 members of staff will transfer over to ARC as part of the deal.
Close Brothers’ currently has £560m of assets within its asset management division. The group says the assets will fall following the sale but that the impact on profitability of the asset management division will be negligable.
The transaction is subject to FSA approval and third party consents.
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