Close Brothers’ asset management arm has reported adjusted operating profit of £4 million for the year ended 31 July 2013 following a restructure, compared to loss of £4.3 million a year ago.
The division also saw 9% growth in assets under management to £9.1 billion, according to the group’s preliminary results.
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Close Brothers has been restructuring its funds business to focus on wealth management for UK private clients, and in 2011 sold its advisory, UK offshore and Cayman Islands operations to concentrate on banking, securities and asset management.
"Our integrated propositions, providing both advice and investment management, have been well received by clients and we are seeing strong inflows across our multiple distribution channels," the firm said in a statement.
Across the group, Close Brothers’ adjusted operating profit also grew by a healthy 24%, and rose to £165.5 million.
The banking division saw adjusted operating profit climb 17% to £157.8 million, which Close said reflected loan book growth of 13% to £4.6 billion and an improved bad debt ratio of 1.2%.
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