London-based Close Brothers Group has announced it is selling its property fund management (PFM) business to specialist European property fund manager Alpha Real Capital (ARC).
London-based Close Brothers Group has announced it is selling its property fund management (PFM) business to specialist European property fund manager Alpha Real Capital (ARC).
Close Brothers said the disposal is part of the repositioning of the firm's asset management division to focus on the development of a high-growth UK wealth and asset management business. This follows the deconsolidation of the division's three private equity businesses during the 2009 financial year.
The PFM business is being sold for nominal consideration and as part of the transaction the PFM team of around 35 staff together with assets and cash valued at £650,000 (EUR 745,000) will transfer to ARC on completion.
The transaction is subject to regulatory approval and relevant third party consents.
