Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter