Close Brothers to sell property fund firm to Alpha Real Capital
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Close Brothers is selling its property fund management business to Alpha Real Capital.
The deal is for a nominal fee and will see all 35 staff along with assets and cash valued at £650,000 transfer to ARC.
Close Brothers has £560m of assets within its asset management division.
The company says its total assets will fall following the sale of the property fund management business but the impact on profitability of the asset management division will be negligible.
The transaction is subject to FSA approval and third -party consents.
The sale is part of the group’s move to focus on developing its UK wealth and asset management business.
Close Asset Management has appointed Beverley Lavin as head of financial planning.
She will report to Steven Mendel, head of UK wealth management and will be based in the company’s Bristol office.
Lavin joins from Brewin Dolphin, where she worked for five years, lattely as national head of financial planning.
Before joining Brewin Dolphin, Lavin was a regional financial planning business unit head at Grant Thornton, Accountants and Business Advisers.
She will be responsible for promoting Close’s financial planning services and also for further recruitment within the department.
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