Close Brothers Group saw profits in its asset management arm increase by 8% to £9.1m in the six months to the end of January, reflecting rising net inflows and "favourable" trading conditions.
Excluding OLIM Investment Managers, which was sold in November, and its corporate business sold in 2016, Close Brothers said its asset management saw underlying profits increase 26% to £7.2m over six months to 31 January 2017, up from £5.7m a year previous. Meanwhile, operating income increased 7% to £50.1m, with investment management income up 9%, driven by an increase in managed assets over the past year. As of 31 January, Close Brothers asset management arm had total assets of £105.7m following inflows of £795m and outflows of £670m, bringing total net flows to £125m. The ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
