Loring Ward International Ltd. announced today that one of its subsidiaries has signed an agreement to sell the business and substantially all of the assets of its New York business management unit to a company organized by Barry Klarberg, a senior manager and former owner of the business prior to acquisition by Loring Ward and its predecessor company.

The agreement provides for cash consideration at closing of US$5.15 million, plus certain contingent and deferred payments.

Loring Ward provides wealth and life management services to some of America’s most enterprising and successful individuals and families, as well as personalized investment and back office services to over 500 of the most knowledgeable and successful investment advisors across the United States.