Financial services group Close Brothers has revealed its asset management division recorded a moderate loss and suffered a drop in assets in the second half of 2011 as the difficult market conditions hit investor sentiment.
Assets under management fell from £9.6bn as at 31 July last year to £8.4bn by year-end. Close said the reduction reflects negative market movements and the redemption of £1bn worth of assets in its institutional business. This was partly offset by its acquisition of Scott-Moncrieff Wealth Management, which it said brought in some £260m of client assets. The group has also previously acquired adviser firms Chartwell and Cavanagh. Close said market conditions have remained tough in January and are uncertain for the second half of the financial year.
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