Close Brothers Asset Management has become a standalone new wealth manager with a new name of TrinityBridge.

The sale of Close Brothers Asset Management (CBAM) to private equity firm Oaktree Capital Management for £200m has completed, with the new owner planning to create a leading, yet-to-be-named independent wealth manager.

Close Brothers group chief executive Adrian Sainsbury has stepped down from his position to focus on his health, with effect from 6 January.

Close Brothers CEO Adrian Sainsbury is to continue his medical leave of absence which began in September, the company said today in a trading update.

Close Brothers Group has sold its Close Brothers Asset Management (CBAM) wealth management arm to private equity firm Oaktree Capital Management for £200m.