Close Brothers Asset Management profits down 19%

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Close Brothers Asset Management has seen its profits fall 19 per cent in the last financial year to £14.4m.

Profits for the previous year were £17.8m.

Net flows were £508m, compared to £700m in 2015, taking managed assets to £8bn.

However, the Close Brothers full year results noted the asset management arm was focussed on growth by expanding its adviser force and distribution capacity “and where appropriate through the selective acquisition of teams or small businesses that fit our strategy and approach”.

Despite “lower market levels” the results noted that asset management had seen “good demand” for products and services, seeing positive net flows leading up to and after the UK’s vote to leave the European Union.

Preben Prebensen, chief executive, said: “Although markets and the economy remain uncertain, our strong balance sheet and established business model give us confidence that we can continue to support our clients, invest in our business and generate returns for our shareholders.”