Close Brothers AM back in black after restructure

Close Brothers' asset management arm returned to profitability over the full year to 31 July following a restructure.

The division saw 9% growth in assets under management to £9.1bn, according to the group’s preliminary results. The asset management arm contributed £4m to adjusted operating profit, or 2% of the group total, compared to a £4.3m loss in 2012. Banking was responsible for 84% of total adjusted profit, bringing in £157.8m. Close said it has spent three years refocusing the asset management division on wealth management for the UK private client market. These changes were intended to benefit from market changes driven by technology, demographics and regulation, particularly RDR. “Our in...