Close Brothers profits slide despite rise in client assets
Operating profit fell to £113.5m from £234.8m
Operating profit fell to £113.5m from £234.8m
Net new business fell to £4.8bn from £5.5bn
Platform flows have fallen from £2.4bn to £1.2bn over one year
The firm reported operating profit of £142m for the first half
Key events for UK wealth managers for the week starting 14 August
The trust has sold several holdings including Peloton, Carvana and First Republic
While AUM ticked up 2% in first half
‘Strategic rebalancing’ towards higher growth and increased longevity areas
AUM up 2% despite modest net inflows and ‘muted’ retail investor appetite
Assets under management and advice rose to £54.9bn
Assets under management dropped by 10% to £129.3bn
Better than expected performance greeted enthusiastically by investors