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.

Related Fund Managers

Martin Cholwill
Martin Cholwill
8/81 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 30.95%
Citywire TV
Play Taxicab Tenner: AXA IM's Nicolas Trindade

Taxicab Tenner: AXA IM's Nicolas Trindade

After a summer break, it is the turn of AXA Investment Manager's Nicolas Trindade to give a £10 view of how fixed income is faring.

Play Wealth Manager Olympics: the Relay

Wealth Manager Olympics: the Relay

In the final round of the Wealth Manager Olympics, our intrepid athletes team up for the relay.

Play Wealth Manager Olympics: the Shot Put

Wealth Manager Olympics: the Shot Put

After busting a gut in the 100m sprint, our wealth manager Olympians displayed their brute strength in the shot-put.

Read More
Your Business: Cover Star Club

Profile: gearing up for the shift from consolidation to start-ups

Profile: gearing up for the shift from consolidation to start-ups

‘I think the industry is evolving rapidly, but not necessarily as a whole,’ says the head of recently launched Charles Nicholson AM

Wealth Manager on Twitter