At the end of July 2011, Close Brothers Asset Management held £9.6bn in assets and by the end of December this had fallen to £8.4bn.
The company said this reflects “negative market movements and the previously announced redemption of £1bn [of institutional] assets under management”.
It added this was partly offset by the acquisition in Q1 last year of Scott-Moncrieff Wealth Management for £4.1m that brought in £260m of client assets into the group. This helped to push up the total private client assets from £6.5bn at the end of July to £6.7bn five months later.
At the end of its first financial quarter (31 October, 2011) assets under management stood at £8.6bn, down from £9.6bn at the end of July.
Elsewhere in the group, its banking division is able to report “strong performance” with a 9% growth in its loan book, to £3.8bn, although its securities business struggled as its income fell due to lower trading volumes.
