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 reports 21% profit rise

Close Bros reports 21% profit rise

Close Bros operating profit rose 21% to £97.2 million over the second half of 2013, primarily driven by banking and brokerage and ‘continued progress’ in its asset management division.

Net inflows into the asset management service, where Nancy Curtin (pictured) is chief investment officer, stood at £190 million for the period with overall assets under management rising to £9.29 billion.

A 1% fall in advised assets was balanced by a 5% gain in managed assets, which include both the company’s private client service and packaged funds.

‘Importantly, none of our distribution channels has reached maturity and we expect continued growth across our proposition as we build scale,’ the company said in a statement.

‘We are benefiting from our investment in distribution and are seeing good growth originating from our own advisers and lead generators.’ 

At the group level, operating profit rose 21% to £97.2 million with earnings per share up 19% and  the return on equity rose from 16% to 18%.  

Higher trading activity lifted operating profit at broker division Winterfloods 81% to £13.4 million.

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 Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: from Batman Live to commodity beta

Profile: from Batman Live to commodity beta

Charteris may be a family affair, but the company is not at any risk of turning sentimental

Wealth Manager on Twitter