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June 29, 2011updated 04 Apr 2017 3:49pm

Kleinwort Benson completes Close Offshore Group buy-out

Kleinwort Benson has completed the purchase of Close Offshore Group (COG). The acquisition, which was announced in March, is for a cash consideration of £26.4m ($43.3m). It includes COGs private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man.

By PBI Editorial

Kleinwort Benson has completed the purchase of Close Offshore Group (COG).

The acquisition, which was announced in March, is for a cash consideration of £26.4m ($43.3m).

It includes COG’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man.

The acquisition increases the size of Kleinwort Benson’s private wealth assets under management by £1.6bn.

The purchase raises Kleinwort’s total assets under management to about £7bn and boosts its employee base by 36% to 979.

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