Wage inflation hits Close Brothers Asset Management as profits shrink 27%

Half-year results

Close Brothers Asset Management (CBAM) posted a 27% drop to its adjusted operating profits in the six months to 31 January 2024.

In its half-year results published today (19 March), the asset manager said costs related to wage inflation and new hires "more than offset" its income growth, despite delivering net inflows of 9% annualised. Close Brothers halts dividends amid 'uncertainty' over FCA motor finance review Adjusted operating profit for the six months stood at £6.3m compared with £8.6m in the six months to 31 January 2023. The company explained adjusted operating profits is stated before the amortisation of intangible assets on acquisition, goodwill impairment, exceptional items and tax. Total assets ...