Close Brothers Group has completed the sale of its wealth management arm to funds managed by Oaktree Capital Management.
The deal for Close Brothers Asset Management (CBAM) was first announced in September.
Current CEO Eddy Reynolds will continue to lead the business.
Meanwhile, the company will continue to be known as CBAM for a short period, with a new name to be announced in the future.
For Close Brothers Group, the sale is expected to amount to a net gain of approximately £59m on disposal.
The group received an up front cash consideration of £146m.
Reynolds said: “Today marks the start of an exciting new period for CBAM as a standalone business. I would like to thank all my colleagues for helping us get to this point, and Close Brothers Group for its continued support over the years.
“Oaktree’s backing will help us maintain and build on our growth strategy and support us in our aspiration to become the leading premium wealth manager in UK for both our clients and our colleagues.”