Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a734905

AAA-rated manager ups stake in surging Close Bros

by David Campbell on Feb 18, 2014 at 07:20

AAA-rated manager ups stake in surging Close Bros

Citywire AAA-rated UK equity veteran Martin Cholwill has upped his stake in small but diversified banking business Close Bros as sell-side institutions and brokers aggressively up their price targets.

Cholwill increased his investment in the business from 4.43 million shares to 4.52 million of 3.03% worth £64.65 million at a price of £14.31, up 69% over three years versus a FTSE 250 return of 41%.

The shares are held in his £909 million Royal London UK Equity Income fund .

A series of brokers rerated Close at the end of January following a strong end to 2013 and a bullish outlook for the next six months, with JP Morgan lifting its target from £12.42 to £13.57 and Canaccord Genuity from £14.30 to £15. 

In a trading update covering the second half of 2013, the bank reported 4% asset growth in its fund management business to a total £9.5 billion and said it had grown its loan book by 4%.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Look up the funds

  • Royal London UK Equity Income A
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the shares

  • Close Brothers Group PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Look up the fund managers

  • Martin Cholwill
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive

On the road

Click here to find out more from the Audience Development team.

Read more...

Revealed: the fund stars of the future

on Apr 24, 2014 at 14:30

Sorry, this link is not
quite ready yet