CBAM boosts inflows in ‘solid’ quarter

Though its financial first quarter saw AUM slide 3%

Close Brothers CEO Adrian Sainsbury
Adrian Sainsbury


Close Brothers Asset Management (CBAM) continued to attract client money in the first quarter of its 2023 financial year, but suffered a £0.5bn loss in managed assets across the period.

From 1 August to 31 October, CBAM recorded net inflows equivalent to 7% of opening managed assets, up from 5% for FY 2022. Managed assets began the quarter at £15.3bn, but had fallen to £14.8bn by the end of October due to the challenging market conditions.

The negative market movements also contributed to a £0.5bn drop in total client assets, from £16.6bn to £16.1bn.

Furthermore, CBAM confirmed that it is now a signatory of the Net Zero Asset Managers initiative, a group of nearly 300 asset managers that support the goal of achieving net zero by 2050.

CBAM is part of the wider Close Brothers group, which also includes a banking division, and Winterflood, a business-to-business platform provider.

CEO of the group, Adrian Sainsbury (pictured), said that its start to the financial year had been “solid” despite the backdrop of heightened market uncertainty.

“Our margin remained strong in the Banking division, we increased net inflows in CBAM, and while trading activity remained subdued in Winterflood, we grew our assets under administration in Winterflood Business Services. Although the current environment presents challenges, there will also be opportunities and we are confident that we will be able to make the most of these, building on our strong relationships and the consistent application of our model.”

CBAM hired David Wilson as business development director in October, and the firm is set to open its Midlands hub in Birmingham early in December.


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