Close Brothers AuM rise by 3% to £8.5bn

Close Brothers has reported a 3 per cent rise in assets under management in the five months to 31 December 2012.

The group, whose assets rose to £8.5bn, reported strong performance in its banking and asset management arms but added that low trading volumes had hit performance in its securities division.

Within the banking division, Close Brothers said its loan book grew by 6 per cent to £4.4bn, compared to £4.1bn at 31 July, 2012.

However, it added that low trading had hit its securities division, with subsidiary Winterflood reporting low retail investor activity.

In a statement, the group says: “The group is well positioned for the remainder of the 2013 financial year. The banking division continues to see solid prospects for growth and asset management remains on track to move into profitability during the course of this financial year. Challenging trading conditions continue to impact Winterflood’s performance although it remains well positioned for any market recovery.”