In a trading statement, Close Brothers Group said the rise (from £8.3bn in July) reflected positive market movements. Its revenue margin also improved, reflecting an increased proportion of higher margin private client assets.
Despite this, low trading volumes across the market have impacted the performance of Close Brothers’ Securities division, with Winterflood experiencing low retail investor activity. The Banking division saw strong profit growth; loan book growth increased 6% to £4.4bn.
Close has also announced that Elizabeth Lee, an executive director and group head of legal and regulatory affairs has been replaced as company secretary by Emily Upton.
