Close Brothers sells Cayman Islands unit

21st Mar 2011 16:16

Close Brothers has sold its Cayman Islands trust, fiduciary services and fund administration business for $34m (£21m).The disposal comes soon after the sale of the firm's UK offshore business. It will "further streamline the Asset Management division and increase focus on its core businesses," Close said Monday.Chief executive Preben Prebensen said the company is "committed to developing and growing our UK based wealth and asset management business."