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
Play Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter