UK’s Close Brothers Reveals Boost In Assets Under Management

Ainhoa Barcelona

28 May 2013

Close Brothers Group has seen a 4 per cent rise in assets under management, following strong performance in the third quarter to end-April.

The amount increased from £8.9 billion ($13.4 billion) in January to £9.2 billion in April, marking a 10 per cent rise year to date, and reflecting positive market movements and positive net flows, said the firm.

The revenue margin also increased slightly from the first half and Close Brothers will continue to focus on improving the mix towards higher margin assets, it said in a statement.

Looking ahead, the London-listed firm said it expects the asset management division to remain on track and deliver a small profit for the full year.

Similarly, the banking division continued to deliver solid growth with the loan book increasing to £4.5 billion, up 9 per cent year to date. Growth has remained slightly lower than last year due to a moderation in demand in some of the firm’s markets.