Geneva-based Close Trustees (Switzerland) last week completed a management buy-out under which its management team has increased its investment from 30 per cent to an 80 per cent majority. London-listed Close Brothers Group will retain a 20 per cent minority interest. Close Trustees (Switzerland) was established in October 1999 as a joint venture between CBG and the Geneva management team. Daniel Martineau, managing director of CTS said: “We are very excited about this development. It continues the business model that gives our clients the “best of both worlds”; a specialised, independent business that has the confidence and credibility of the Close Brothers brand. We have had a wonderful relationship with the Close Brothers Group since the founding of our business and we look forward to continuing our mutually beneficial association, albeit with CBG as a minority partner.” Jonathan Sieff, head of the asset management division of CBG said: “As announced at the end of last year, we have been working towards a closer integration of our offshore and onshore private client businesses under the new name of Close Wealth Management Group. We recognised that the Close Trustees business in Geneva has a strong team and proposition that would benefit from a more independent position outside the rest of the Wealth Management Group. We are delighted with this outcome and look forward to a continued business relationship with Daniel and his team.”