Kleinwort Benson has been bought by RHJI International (RHJI), a diversified holdings company. The deal, under which Commerzbank sold its 100% holding in Kleinwort Benson, brings to an end months of uncertainly over the future of the company’s wealth management and fiduciary services activities as well as fund administration.

RHJI, has purchased the 200-year-old Kleinwort Benson and all its holdings.

The CEO of RHJI, Leonhard Fischer, was previously chairman of Dresdner Kleinwort Benson so has a long association with the group.

According to a statement by Robert Taylor, CEO of Kleinwort Benson, the deal secures the long-term future for “core business in both the UK and the Channel Islands”.

Kleinwort Benson has a capitalisation around. £200 million with a strong balance sheet. Its new parent RHJI has a market capitalisation around €410 million.

An independent credit rating has been applied for by RHJI and is expected to be confirmed as an investment grade rating.

Kleinwort Benson will still continue to follow its existing conservative investment policy, according to Taylor.

The process of legally merging the two businesses is expected to be completed over the next few months with full closure expected by the end of the first quarter or early 2010 subject to the approval of our shareholders and regulatory consent.