UK private bank Kleinwort Benson is to sell its offshore retail pension and trust business to international retirement company Overseas Trust and Pension.
Kleinwort Benson said they have been trying to find the right partner to sell the pension and trust business to after it acquired Close Brothers in March last year.
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The retail pension and trust was not "an area of focus", Kleinwort Benson said, despite the bank managing a multi-asset portfolio with a number of sophisticated funds diversified across a wide range of uncorrelated asset classes.
"The high net worth and corporate business lines acquired from Close Brothers were a strong strategic fit with Kleinwort Benson and have become core parts of our business," said Clive Wright, Kleinwort Benson managing director of the offshore private wealth management division.
"However, the retail packaged trusts and pension plans, while recognised for their innovation and strong position in the market, are not an area of focus for us and for that reason."
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By GlobalDataKleinwort to continue service provision
Kleinwort Benson will continue to provide some investment services to Overseas Trust and Pension products.
Overseas Trust and Pension offers a full range of retirement, pension and trust solutions for international markets along with a range of products specific to countries’ jurisdictions such as South Africa, Spain and The Middle East.
"This transaction demonstrates our commitment to the future of the international trust and pension market. We are now one of the largest trust and pension providers in the Channel Islands and remain dedicated to supporting advisers and their clients all over the world," says international and UK pension specialist at Overseas Trust and Pension, David Higgins.
