Close Brothers  

Close Brothers sees assets increase to £10bn

Close Brothers sees assets increase to £10bn

Close Brothers saw its assets under management increase to £9.9bn in the third quarter of its financial year.

From February to April this year, the company saw its assets under management increase by 2 per cent.

Close Brothers said strong net inflows more than offset negative market movements.

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The company added: "Following our good performance in the year to date, we remain well positioned for the full year."

Close Brothers's banking division saw "solid" loan book growth of 2.4 per cent in the quarter, and 4.1 per cent year to date, to £7.2bn.

The company added that its net interest margin - the difference between the interest generated from mortgages to that paid out on deposits - remained in line with the previous financial year when it was 8.1 per cent, which Close Brothers said reflected its "continued pricing discipline".

Close Brothers added that Winterflood, its market making division, "continued to perform well" and benefitted from increased trading activity in April.

damian.fantato@ft.com