Close Brothers, the UK-based banking and investment group, is set to sell off its private banking, fund management and fund administration businesses in Jersey and Guernsey, according to the The Telegraph.

According to unnamed industry sources quoted by the newspaper, the businesses in question could fetch between £30 and £35 million ($47.9 million) in total.

If the sales go ahead they will follow an October announcement from Close Asset Management that it had agreed the the sale of its property fund management business to the specialist property fund manager Alpha Real Capital.

Close Brothers had not responded to enquiries from WealthBriefing on the matter at the time of publication.