Loring Ward International Ltd. today reported that it had closed effective Dec. 31, 2006 the previously announced transactions to sell its two remaining business management practices.

The two operations were sold to senior managers and former owners for a total of US$26.5 million.

The company will receive US$17 million in cash as well as US$5.5 million raised from the planned sale of almost 600,000 common shares held in escrow for the Century City, Calif., business-management practice. Another operation in Encino, Calif., will bring in another US$4 million.

The sales are part of an overall strategy that will see Loring Ward, now based in New York, focus on providing personalized investment and back-office services to more than 500 high-producing advisors in the U.S.

The divestitures represent the final dismantling of the company’s advisory business for professional athletes and movie and television stars.