Close Brothers assets jump 11% despite 'mixed market conditions'

Discretionary range driving growth

Close Brothers Asset Management saw total client assets under management jump 11% in the year to 31 July 2015, although its broker arm Winterflood recorded a loss during "mixed market conditions".

In its preliminary results, the Close Brothers group said total client assets in its asset management division were up 11% to £10.8bn while adjusted operating profits reached £17.8m, thanks to growth in its discretionary range. The group said it "continued to see good demand" for its discretionary Close Portfolio Funds which now total close to £3bn. As a whole, the group saw adjusted operating profit up 16% to £224.9m, up from £193.7m last year. Securities subsidiary Winterflood recorded an 8% loss in adjusted operating profits to £24.6m, down from £26.6m in 2014. The company ...