close brothers am predicts return to profitability

Close Brothers Asset Management division made "good progress" in the three months to 31 October, with total AUM up 2% to £8.5bn.

close brothers am predicts return to profitability


In its interim management statement the group said positive market movements had helped as well as an improved revenue margin, which was mainly down to a greater proportion of higher margin private client assets.

Meanwhile the strong performance in the banking division continued in the quarter, according to the group, with the loan book up 4% to £4.3bn.

The securities division, on the other hand, has had continued slow performance due to the low volume trading environment, with average bargains per day reduced compared to the last financial year.

"Overall the group remains well positioned for the remainder of the financial year. The banking division continues to see prospects for growth and asset management remains on track to move into profitability during the course of this financial year. Winterflood continues to be affected by difficult trading conditions but remains well placed for when market conditions improve," the company said in its outlook.


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