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Close Brothers Asset Management
Close Brothers Asset Management was established in 1987 as the rapidly expanding wealth management and investment division of Close Brothers Group plc,...
Close Brothers Asset Management
Close Brothers Asset Management was established in 1987 as the rapidly expanding wealth management and investment division of Close Brothers Group plc, itself founded in 1878 and listed on the London Stock Exchange. Adrian Sainsbury serves as Chief Executive Officer, overseeing a business purpose-built to service private clients, trusts, charities, and financial advisers across the United Kingdom. The wealth base is corporate and institutional in origin, rooted in the banking group's enduring deposit-and-lending model rather than a single family fortune. The firm's strategy centers on discretionary fund management, managed portfolio services, and financial planning delivered predominantly to a domestic client base. Asset-class coverage spans UK equities, fixed income, multi-asset funds, and alternative investments accessed through pooled vehicles. CBAM's managed portfolio service is widely distributed via networks of independent financial advisers, placing the firm as a bridge between institutional-grade portfolio construction and the UK's advised retail market. Regional offices in cities including Birmingham, Bristol, and Edinburgh supplement the London headquarters, anchoring a nationwide distribution footprint. The firm runs a range of in-house OEIC funds, extending its investment philosophy to external investors who access CBAM's asset allocation through the Close Managed Income and Close Managed Growth fund families. The firm operates within the Close Brothers Group structure, reporting as a distinct division alongside Close Brothers Banking and Winterflood Securities. Total deployment and professional headcount are not independently disclosed, though the group's annual reports position wealth management as a stable, capital-light earnings contributor. In March 2025, Close Brothers Group announced it had agreed to sell CBAM to funds managed by Oaktree Capital Management for an equity value of up to £200 million, a transaction framed by the parent as a step to strengthen its core lending balance sheet (per Reuters, March 2025). This pending change of control, expected to close in late 2025, will transition CBAM from a listed banking subsidiary into a private, institutional-ownership structure. Structural differentiation for CBAM has historically derived from its integration within a listed merchant bank — a rare configuration in a market dominated by pure-play wealth managers and insurer-owned platforms. The Oaktree acquisition, once complete, represents a dramatic shift: CBAM will pivot from parent-company capital support to private equity sponsorship, altering its governance, funding posture, and strategic timeline. This transition creates a distinct governance experiment — a UK wealth manager with private-equity backing, operating at scale, competing for advised assets in a consolidating market.
General information
Firm type
Generalist
Year founded
1987
AUM
Undisclosed
Location
Region
Europe
Country
United Kingdom
City
London
Corporate office
London, United Kingdom
Principals
Adrian Sainsbury
Chief Executive Officer
Frequently asked questions
Who runs investment decisions at Close Brothers Asset Management?
Adrian Sainsbury is the Chief Executive Officer of CBAM. The firm operates portfolio management and asset allocation teams across its UK offices, with investment professionals managing discretionary portfolios, managed portfolio services, and the in-house OEIC fund range. Ultimate governance sits under the Close Brothers Group board until the completion of the announced sale to Oaktree Capital Management.
How is CBAM related to Close Brothers Group and what changes are pending?
CBAM is the wealth management and investment division of Close Brothers Group plc, the London-listed merchant banking group founded in 1878. In March 2025, Close Brothers Group announced an agreement to sell CBAM to funds managed by Oaktree Capital Management for an equity value of up to £200 million (per Reuters, March 2025). The transaction is expected to transform CBAM from a listed banking subsidiary into a privately-held firm under institutional ownership, with transaction completion targeted for late 2025.
What investment strategies does CBAM run internally?
CBAM runs discretionary fund management, managed portfolio services, and financial planning for private clients, trusts, and charities. The firm operates a range of in-house OEIC funds, including the Close Managed Income and Close Managed Growth families, that execute multi-asset allocation across UK equities, fixed income, and alternative investments. Its managed portfolios are widely distributed through UK independent financial advisers.
Is CBAM structured as a family office or a traditional asset manager?
CBAM is an asset manager and wealth management division of a listed merchant banking group, not a family office. The capital it manages belongs to external private clients — affluent individuals, professionals, family business owners, trusts, and charities — rather than a single family's wealth. The pending Oaktree acquisition will convert it from a banking subsidiary into a privately-owned, institutional asset manager.
Does CBAM participate in direct deals or fund commitments?
CBAM primarily deploys capital through pooled funds, managed portfolios, and discretionary mandates rather than direct private-company investments. Its funds and portfolios access markets through listed equities, bonds, and multi-asset allocations. The firm does not publicly operate a direct co-investment or venture program.
What geographic markets does CBAM serve?
CBAM serves clients across the United Kingdom, with offices in London, Birmingham, Bristol, and Edinburgh. The firm's client base is overwhelmingly domestic, focused on advised retail and private wealth within the UK market. Its fund range is accessible to UK-based investors through adviser platforms and direct investment channels.
How will Oaktree's ownership affect CBAM's investment process?
The Oaktree Capital Management acquisition, announced in March 2025, will separate CBAM from the Close Brothers Group balance sheet and governance structure. Details of post-acquisition operational changes have not been publicly disclosed, but such transactions typically introduce new strategic oversight, potential capital for growth or acquisitions, and a private-market accountability framework distinct from listed-bank reporting requirements. Actual impacts on portfolio management, fund offerings, and advisory relationships will become clearer after the deal closes.
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