Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

AAA-rated manager ups stake in surging Close Bros

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Henderson Eurotrust's Stevenson: dealing with European cynicism

Henderson Eurotrust's Stevenson: dealing with European cynicism

Tim Stevenson talks about where he finds his opportunities in the current environment in Europe

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Read More
Wealth Manager on Twitter