Close Brothers sees asset management profits climb

New chairman announced

Daniel Flynn
clock • 2 min read

Close Brothers Group saw profits in its asset management arm increase by 8% to £9.1m in the six months to the end of January, reflecting rising net inflows and "favourable" trading conditions.

Excluding OLIM Investment Managers, which was sold in November, and its corporate business sold in 2016, Close Brothers said its asset management saw underlying profits increase 26% to £7.2m over six months to 31 January 2017, up from £5.7m a year previous. Meanwhile, operating income increased 7% to £50.1m, with investment management income up 9%, driven by an increase in managed assets over the past year. As of 31 January, Close Brothers asset management arm had total assets of £105.7m following inflows of £795m and outflows of £670m, bringing total net flows to £125m. The ...

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