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 Brothers grows AUM by 3% but low volumes hit securities arm

Close Brothers grows AUM by 3% but low volumes hit securities arm

Close Brothers has seen assets under management rise by 3% to £8.5 billion over the five months to the end of December, the group said in a trading update.

Its banking division is continuing to increase its profitability, Close said, with its loan book growing by 6% to £4.4 billion, up from £4.1 billion at the end of July. Although the net interest margin was lower than in its previous financial year, this was offset to an extent by a further decrease in the bad debt ratio.

Close said low trading volumes have hit the performance of its securities division with its subsidiary Winterflood reporting a fall in the number of share deals executed compared to the same period last year.

The statement said: ‘The group is well positioned for the remainder of the 2013 financial year. The banking division continues to see solid prospects for growth and asset management remains on track to move into profitability during the course of this financial year. Challenging trading conditions continue to impact Winterflood's performance although it remains well positioned for any market recovery.’

Close is due to report its half year results for the six months to the 31 January on 12 March. In early morning trading, the group’s shares were broadly flat, down 3p or 0.31% at 972p.   

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Kleinwort Hambros' boss on how to manage five banks

Profile: Kleinwort Hambros' boss on how to manage five banks

Welding together Kleinwort and Hambros – two of Britain’s most historic banks, founded in 1786 and 1839 respectively – was always going to be a challenge.

Wealth Manager on Twitter