Close Brothers Group has recorded a 4 per cent increase in its assets under management for the quarter to reach £10.6bn.
The company’s interim management statement for the third financial quarter between February 1 and April 30 showed its asset management business had made “steady progress” in the period.
It stated assets under management had overall increased 9 per cent for the year to date to April 30, as the asset management business had benefited from “solid net inflows and positive market movements”.
The company added that conditions had improved for its Winterflood business following an increase in investor risk appetite, although it acknowledged that the business “remains sensitive to market conditions”.
It stated: “Winterflood has benefited from improved market conditions in the quarter, particularly in AIM, and increased investor risk appetite, when compared to the difficult trading environment seen in the first half. As a result both income per bargain and average bargains per day have increased.”
Elsewhere Close Brothers noted that its banking business had generated “solid returns” as its loan book increased 2.7 per cent in the quarter and 6.1 per cent year to date to reach £5.6bn.
The firm stated the figures reflected continued good demand in property and asset finance and a “seasonal improvement” in motor finance.
