Close Brothers' shares are down by around a third since the Financial Conduct Authority announced in January that it would review whether customers were overcharged via now-banned discretionary commission arrangements on car loans.

Fifth Third Wealth Advisors, a wealth management firm, has doubled its assets under management to $2.2 billion. The firm rapidly expanded by adding investment advisory teams. It aims to become a top 100 RIA (registered investment advisory) firm.

Close Brothers Group Plc has agreed to sell its wealth unit to Oaktree Capital Management for an equity value of as much as £200 million ($265 million) as it looks to strengthen its balance sheet amid a regulatory review of its motor finance practices.

The sale of Close Brothers Asset Management (CBAM) to funds managed by Oaktree Capital Management is expected to be completed in early 2025 following regulatory approvals.