Financial services group Close Brothers (CBRO.L) is selling its Cayman Islands arm to Intertrust Group for around $34 million, as Close streamlines its asset management arm to focus on its core UK business. Close Brothers said the sale of its Cayman Islands business would have a slightly dilutive impact on its earnings for the financial year ending July 2012, but would not have a material effect on its funding or capital position. "The sale of the Cayman business further supports the transformation of the asset management division where we are committed to developing and growing our UK based wealth and asset management business," Close Brothers Chief Executive Preben Prebensen said in a statement.
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