The sale of Close Brothers Asset Management (CBAM) to private equity firm Oaktree Capital Management for £200m has completed, with the new owner planning to create a leading, yet-to-be-named independent wealth manager.

Close Brothers group chief executive Adrian Sainsbury has stepped down from his position to focus on his health, with effect from 6 January.

Operating income rose 1% to £944.2m for merchant bank and investment provider Close Brothers for the year ending 31 July.

Close Brothers group chief executive Adrian Sainsbury has taken temporary medical leave of absence from the business, the company revealed today.