UK-based wealth manager Ansbacher is looking for a buyer for its wealth management operations in London and the Channel Islands, WealthBriefing understands.

Qatar National Bank, Ansbacher’s owner, is thought to have made the decision to sell in order to focus on its specialist investment and yacht financing operations.

QNB does, however, want Ansbacher to retain its investment management services in the Bahamas and Doha, the Qatari capital.

According to media reports, Ansbacher is already in talks with a number of companies concerning the sale, which is expected to be worth around £250 million (approximately $372 million).

However, if a buyer is not found, the group is anticipated to close down its operations in London and the Channel Islands, some reports said.

If a purchaser does come forward, the new Ansbacher owner would acquire the majority of the firm’s London and Channel Islands client base.

In December last year it was reported that the prominent Saudi Arabian Alhamrani family had appointed Ansbacher as its trustee.  Ansbacher replaced JP Morgan Trust Company Jersey after allegations of gross negligence and conflicts of interest, which culminated in the start of a civil trial in November.

QNB acquired Ansbacher in 2004 from South Africa’s FirstRand Group, at a price of around £135 million.  In addition to its operations in the UK, the Channel Islands, the Bahamas and Doha, the Ansbacher Group is also represented in Dubai and Switzerland.

Sarnia Yachts, Ansbacher’s yacht financing subsidiary, is based in Guernsey and has been providing marine fiduciary services for over 35 years.

QNB is the first Qatari-owned commercial bank, which with total assets of $10 billion controls around 50 per cent of the assets in the country’s banking system.