The asset management division as a whole saw assets dip from $8.6 billion to £8.3 billion in the three-month period, as the firm's institutional arm is shrinking. The firm said it is in the final stages of restructuring its asset management business, which made a small and expected but unspecified loss during the quarter.

Martin Andrew, chief executive of Close Asset Management, has previously told this publication that the high net worth offering, which focuses on clients with more than £1 million in assets, has grown from £400 million in AuM five years ago to about £2 billion this year.

Close is a FTSE-250 company and employs 2,500 people, most of them in the UK.