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View the article online at http://citywire.co.uk/wealth-manager/article/a752894

Close Bros AM turnaround progresses as assets rise 4%

by Danielle Levy on May 23, 2014 at 07:44

Close Bros AM turnaround progresses as assets rise 4%

Close Brothers Asset Management said its turnaround continued to gather pace, as assets rose 4% between February and April.

The wealth management division saw assets rise by £300 million to £9.6 billion over the three month period, representing a 6% increase year-to-date. The wealth arm continues to undergo a turnaround under chief executive Martin Andrew (pictured).

'The revenue margin has remained stable on the half year and the business has continued to build good momentum in its inflows, supported by positive market movements,' the group noted in its interim management statement.

Close Brothers also noted its asset management division continues to progress towards its profitability target as the business builds scale.

Within its banking division, Close highlighted its loan book of £5.1 billion, up 10% year to date. The group also said Winterflood's performance had remained consistent with the first half despite periods of trading volatility in the quarter. 

'A change in mix reflecting the quarter's stronger trading in lower margin large cap and international stocks has led to an increase in average bargains per day, largely offset by a slight decline in income per bargain,' Close Brothers noted.

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