At the end of the quarter, 31 October, 2011, assets under management stood at £8.6bn, down from £9.6bn at the end of July. Private client assets held accounted for £6.7bn, up slightly from the £6.5bn held at the end of July.
In a statement accompanying the results, the company said: “The reduction in total assets under management in the period of £1bn largely reflects the expected redemption of a third-party institutional mandate and negative market movements.”
At the end of the quarter, Close Brothers also completed the acquisition, for £4.1m, of Scott-Moncrieff Wealth Management, a Scottish firm of IFAs bringing an extra £260m of client assets to the group.
The group also saw growth in its banking division with its loan book up 5% to £3.6bn at the end of October, though its securities division struggled in the negative market conditions.
