Close Brothers AUM rises 10% year to date

Close Brothers has reported positive net flows into its asset management division, with assets under management up 10% year to date.

Total AUM between 1 February and 30 April 2013 increased from £8.9bn to £9.2bn, a rise of 4%, which the group attributed in part to positive market conditions as well at new business. Winterflood saw an improvement in trading volumes, but performance overall remained consistent with the first half, the firm said. The group remains "well placed for the rest of the financial year," according to a trading update, despite the closure of two funds expected in August. This week Close suspended redemptions on Deryck Noble-Nesbitt's (pictured) Special Situations fund in preparation, as wel...