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.

Close Bros AM turnaround progresses as assets rise 4%

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.

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 Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

Brewin's Foster talks financial crisis MkII with Allianz's Riddell

This week Brewin Dolphin's head of research talks to Mike Riddell, fund manager at Allianz Global Investors, about the forces driving bonds markets in a tumultuous week for markets.

Play Henderson's Hermon: how to be defensive in smaller caps

Henderson's Hermon: how to be defensive in smaller caps

Hermon, who manages the Henderson Smaller Companies trust, talks about he will tackle a 'challenging' 2016.

Your Business: Cover Star Club

Profile: 'what we are doing at Mosaic is Darwinian'

Profile: 'what we are doing at Mosaic is Darwinian'

The changes in financial services over the last few years may leave some destitute warns Marco Sambucci of Mosaic Money Management

Wealth Manager on Twitter