Close Brothers

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The decision by the European Central Bank (ECB) to cut interest rates is a "positive step" but more pro-growth polices are needed, according to the chief investment officer of Close Brothers Asset Management.

Chris Bailey, the manager of Close Brothers Asset Management's Growth and Conservative funds, has stepped down from the group.

The asset management division of Close Brothers, comprising both advised and managed solutions for clients, turned a profit in the six months to February thanks partly to a 6% increase in overall assets under management.

British fashion designer Stella McCartney is in talks with three finance professionals about designing their long johns for the City Endeavour North Pole charity trek.

Close Brothers has reported a 2% rise in full-year pre-tax profits and expects its asset management division to return to profitability next year as it completes a restructuring.

MOVERS & SHAKERS

Moody's has downgraded the credit rating of financial services group Close Brothers, pointing to the rapid growth of its loan book and its exposure to the flagging UK economy.

The asset management division of financial services group Close Brothers made a loss in the six months to 31 January, as it finalises a restructure which has seen it launch an advised service and includes plans for a direct-to-consumer proposition.

Close Brothers AM is launching a discretionary fund management service that will be managed by top-performing UK equity manager Deryck Noble-Nesbitt.