Qatari National Bank-owned UK wealth manager Ansbacher is to close its Channel Islands operations, resulting in the loss of 33 jobs in Jersey and 16 in Guernsey.

Having carried out a strategic review QNB said in a statement it has decided to focus its offering on high net worth clients from the Middle East and North Africa region, who will be serviced from the group’s new offices in Geneva.

QNB announced that it was looking to either sell or close its wealth management operations in London and the Channel Islands in January of this year. At that time reports said QNB was in talks with several firms interested in buying the Ansbacher assets, thought to worth around £250 million ($408 million). QNB did however wish Ansbacher to retain its investment management operations in the Bahamas and Doha, the Qatari capital.

As part of its withdrawal from the Channel Islands QNB sold yacht-financing company Sarnia Yachts in December 2008 and Anbacher Trustees (Jersey) in March of this year.

QNB acquired Ansbacher in 2004 from South Africa’s FirstRand Group, at a price of around £135 million.