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First State sells private-client arm

First State Investments is selling its private client division Stewart Ivory Wealth Management to banking services firm Adam & Company for an undisclosed sum.

First State says the deal, which adds £450m to Adam&#39s assets under management, is a logical progression of an existing relationship which has seen the Scottish firm provide consolidated banking services for the fund manager since November 2001.

The fund manager says it can now concentrate on the growth and development of its asset management business.

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