Close Brothers Asset Management has become a standalone new wealth manager with a new name of TrinityBridge.

Former parent Close Brothers Group sold the firm earlier this year to private equity firm Oaktree Capital Management for £200m.

TrinityBridge says it will be investing heavily in technology to drive the firm forward.

The firm says the name TrinityBridge was chosen to reflect the “enduring relationships” that exist between clients, their investment managers and their professional advisers. The firm says it represents strong connections and longevity.

Eddy Reynolds, CEO of TrinityBridge, said: “We’re extremely pleased to unveil our new name, TrinityBridge, and I am hugely excited for our future as a standalone business. I would like to thank my colleagues who have worked tirelessly on creating our new name and narrative, one that I believes reflects our business and our philosophy.

“Today is important in marking a new chapter in our company’s history. We have grown significantly in recent years, both organically and through considered acquisitions, and welcomed a number of incredibly high calibre wealth management professionals looking for a new home for them and their clients.

"We will now accelerate our programme of investment, build our capabilities, and continue to grow. I look forward to ongoing success as TrinityBridge, continuing to help safeguard and build our clients’ wealth.”

The sale of Close Brothers Asset Management (CBAM) to private equity firm Oaktree was first announced last September and recently received regulatory approval.

Oaktree is an investor in UK wealth management businesses and said it will support CBAM, “as an agile, independently run and standalone business, to enable CBAM to accelerate its future ambitions at pace.”

Federico Álvarez Demalde, managing director at Oaktree, said recently: “We are fully committed to the team's strategy and the investments we plan to make in both technology and people.

“Having invested in the sector since 2012, across many different businesses, we can confidently say that the business possesses unique characteristics that make its value proposition to customers truly exceptional.”

TrinityBridge operates from offices in London, Birmingham, Bristol, Cheltenham, Chester, Chichester, Dorset, Edinburgh, Gatwick, Glasgow, Guernsey, Manchester, Newcastle, Northwich and Winchester.

Oaktree has $202bn (£160bn) in assets under management as of the end of December 2024 and has more than 1,200 employees and offices in 23 cities worldwide.

• Financial Planning Today Analysis: "The spinning off of CBAM as new wealth manager TrinityBridge marks a new era for the company and some welcome cash for the parent business Close Brothers as it prepares to deal with potentially a large number of motor finance claims. TrinityBridge begins with a substantial business and a desire to grow further. In an adviser M&A market that has seen valuations soar, that will not be easy but its new parent, private equity firm Oaktree, has plenty of experience in the wealth management sector and will be looking to back growth. TrinityBridge will be one to watch.