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Close Brothers sees assets increase to £9.5bn

Close Brothers sees assets increase to £9.5bn

Close Brothers has seen its assets under management increase to £9.5bn after strong net inflows.

The company's asset management division also benefited from positive market movements, which saw its assets increase by 6.5 per cent in the first quarter of its year, ending in October.

Total client assets grew to £11.7bn, up from £11.2bn at the end of the previous quarter.

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In a statement to the London Stock Exchange, the company said: "We achieved a good performance in the first quarter and, at this early stage, remain well positioned for the remainder of the financial year."

The Close Brothers banking division saw its loan book increase by 1.4 per cent to £7bn, driven by growth in property and premium finance.

The asset and motor finance loan books remained broadly flat but Close Brothers said this was expected because of its focus on maintaining its underwriting and pricing discipline.

It added that Winterflood, the stockbroking business it owns, benefited from "continued retail investor trading activity".

In September Close Brothers reported operating profit of £264m for the year to 31 July, up 13 per cent.