Close Brothers  

Close Brothers assets continue to edge upwards

Close Brothers assets continue to edge upwards

Close Brothers’ asset management arm has continued its recovery after the market turmoil caused by the pandemic hit the group’s asset pile last year.

The firm saw managed assets increase £1bn to £14.8bn in the three months to April 30, and total client assets increased to £16bn, from £14.9bn at the end of January.

The firm also saw a rise in inflows to 6 per cent for the period, compared with 4 per cent for the previous quarter.

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The figures reflect a solid recovery from the start of the pandemic last year, when the firm lost £1bn in client assets over three months.

Adrian Sainsbury, chief executive of Close Brothers, said: “We continued to perform strongly in the third quarter, in line with the trends reported in the first half of the year. 

“There are positive signs of economic recovery, but uncertainty remains. I am confident that our proven and resilient model, together with the expertise of our people, leave us well placed to continue supporting our customers and clients and to make the most of opportunities going forward.”

Sainsbury was appointed chief executive in September last year after the resignation of Preben Prebensen, who was chief executive for ten years.