Berkeley Berry Birch has disposed of the client bank of its insurance subsidiarys Private Insurance Portfolio division for 275,000.
Private Insurance Portfolio is a trading style of Berry Birch & Noble Insurance Brokers, providing specialist insurance products to wealthy individuals. It has been bought by the divisions management team.
The sale of the non-core asset was anticipated as one of the measures to be implemented by the new regime as a way tackling the firms regulatory issues.
BBB says the move will help the group meet its working capital requirements, which need to be fully addressed by 27 February to avoid the FSA serving final notices.