UK-listed banking and wealth management firmClose Brothers Group said its financial performance in the five months to 30 June “remained solid” despite difficult market conditions, with asset management and banking operating as expected, while its securities unit has been buoyed by high dealing volumes.

The firm issued a pre-close trading statement ahead of figures for its 2009 year-end. Full figures are due to be issued on 29 September.

Total funds under management were £6.8 billion ($11.2 billion) as at 30 June, down slightly from £6.9 billion on 31 January 2009. Asset fee margins fell.

On the banking side, bad debt provisions have continued to increase as expected across the loan book as economic conditions increasingly affect the company's borrowers.

“Although the asset management and banking divisions continue to face challenging conditions, given the current strength of our securities division, we remain confident that we will deliver a solid overall performance for the full year,” Close Brothers said.