Close AM loses £2.6m as restructure continues

The asset management division of financial services group Close Brothers made a loss in the six months to 31 January, as it finalises a restructure which has seen it launch an advised service and includes plans for a direct-to-consumer proposition.

Close AM lost £2.6m in the period. It said the loss reflects a restructure which, in November, saw the launch of a new advised proposition and, later this financial year, will see a new service for "self directed" clients, including an online SIPP. The division also completed its range of investment products during the period with the launch in October of multi-manager and passive funds. In the same month, Close AM acquired Scottish IFA business Scott-Moncrieff Wealth Management, increasing its private clients assets under management (AUM) to £6.9bn, from £6.5bn in the six months t...