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 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