Post-transfer, Kleinwort Benson will continue to provide some investment services to products run by Overseas Trust and Pension.
Commenting on the move, Clive Wright, managing director of private wealth management, offshore, at Kleinwort Benson said: "The HNW and corporate business lines acquired from Close Brothers in 2011 were a strong strategic fit with Kleinwort Benson and have become core parts of our business. However, the retail packaged trusts and pension plans, while recognized for their innovation and strong position in the market, are not an area of focus for us and for that reason, we have taken time to find a partner which is well-placed to continue to grow these business lines and deliver efficient service to clients."
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David Higgins of Overseas Trust and Pension added: "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."
Kleinwort Benson’s investment team manages a multi asset range with a number of innovative, sophisticated funds for differing risk profiles, diversified across a wide range of uncorrelated asset classes, while Overseas Trust and Pension offers a full range of retirement, pension and trust solutions for international markets together with a range of country specific products for jurisdictions such as South Africa, Spain and The Middle East.
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