Close Brothers Asset Management Rebrands After £200m PE Deal
- Chapters Capital
- Mar 3
- 2 min read
3rd March 2025
The trend of private equity-backed transformations in the wealth management sector is ongoing. Close Brothers Asset Management (CBAM) officially became an independent firm after its Oaktree acquisition. The £200m deal, initially announced in September 2024, has now been completed, signifying a significant shift for the business as it prepares for a rebrand.
CBAM, previously part of Close Brothers Group, manages £19.3bn in assets, supported by a recent 18% increase in assets under management (AUM), driven by net inflows and strong market performance. Under Oaktree’s ownership, CBAM's executive team, led by CEO Eddy Reynolds, will remain intact, and the company plans to invest in technology and personnel to support its growth strategy.
Reynolds remarked, "Today marks the beginning of an exciting new chapter for CBAM as a standalone business. Oaktree's support will help us maintain and expand our growth strategy as we aim to become the leading premium wealth manager in the UK."
Oaktree, which has invested in the wealth sector since 2012, views CBAM as a company with strong growth potential. It plans to scale its offerings and enhance its value proposition through operational efficiencies and further investment.
This move reflects a broader trend of private equity reshaping the wealth management sector, with companies such as Saltus, Shackleton, and Benchmark Capital also utilising external investment to facilitate expansion. Saltus, in particular, has aggressively pursued acquisitions, including Lowes Financial Management and Tavistock Partners, while managing a rising debt profile associated with its private equity-backed growth strategy.
As private equity firms continue to influence the wealth sector, the focus remains on scaling businesses, enhancing technology, and ensuring long-term profitability. While this presents growth opportunities, it also raises questions about long-term sustainability, especially for firms managing leveraged expansions.
At Chapters Capital, we specialise in financial planning and wealth management M&A and understand the importance of strategic acquisitions for growth. Whether you are considering a sale, merger, or expansion, contact one of our professional associates today for a confidential, no-obligation consultation.