Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter