Close Brothers Group Expands Offshore Business With Acquisition In Cayman Islands

by Carla Johnson, Investors Offshore.com

07 June 2001

Close Investments, the Fund Management division of Close Brothers Group, has bought Chartered Trust Services Limited (CTS), a trust and company administration business based in the Cayman Islands from the local partners of Ernst & Young for an undisclosed sum.

In a statement released by Close Investments, chief executive, Colin Keogh, said: 'We have been looking to increase our offshore activities with a base in the Caribbean ... CTS is a very profitable well run business with a strong management team. We will be preserving the close links with Ernst & Young and see significant opportunities to grow from this well established base.'

The Close Brothers Group is the UK's largest quoted independent merchant bank with a workforce in excess of 1,500 people. The CTS acquisition is the latest of a line of buy-outs by Close Investments, strengthening the company's ambition to build a major offshore business with operations already firmly established in Guernsey, Jersey, Switzerland, and the Isle of Man.

Close Investments acquired operations in Guernsey and the Isle of Man in July 1999 as part of the Rea Brothers Group. Managing director of the Close Group's Manx-based operations told the local press: 'The acquisition further strengthens our offshore presence and offers a number of opportunities for growth. It is part of an expansion programme for the Close Group which will see further acquisitions in the future.'

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