Your IndustryJul 21 2017

Close Brothers sees double digit growth in client assets

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Close Brothers sees double digit growth in client assets

Close Brothers saw client assets grow by 11 per cent in the 11 months to 30 June, according to an update this morning (21 July).

The company published a trading update which revealed total client assets in its asset management division had reached £11bn.

In the company’s banking division, the loan book was up 6.4 per cent to £6.8bn and Close Brothers said there had been “continued growth and good returns” in this division.

It said: “The group has performed well year to date and we remain confident in a good result for the current financial year.”

With regards to its other divisions, Close Brothers said property finance had seen “solid demand and strong loan book growth” while retail finance saw strong growth in the premium finance business, with the business prioritising margins and credit quality in motor finance.

In commercial finance growth “remained modest” but was consistent with the current point in the cycle.

Close Brothers added: “Overall, the bad debt ratio remains in line with the prior year and the net interest margin also remained broadly stable, as we continue to apply our prudent and consistent lending criteria across all of our businesses.”

Last year Close Brothers Asset Management said it had plans to grow its advice business “aggressively” after sealing a deal to buy Eos Wealth Management.

damian.fantato@ft.com