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Acquisitions bolster Close Brothers inflows to £1bn

Close Brothers Asset Management saw net inflows jump 43 per cent to £1bn year-on-year, from £757m in 2017.

The business released its preliminary results for the 12 months to 31 July today.

Close Brothers says the strong inflows were delivered by its own advisers and investment managers, as well as third party advisers.

Coventry-based Adrian Smith & Partners and London-based EOS Wealth management, acquired last year, strongly contributed, the firm says.

Close Brothers assets rise 9%

The company says it is planning to further invest in strategic acquisitions, but its chief executive Martin Andrews says nothing concrete is currently in negotiation.

Andrews says: “We are always on the lookout for opportunities for high quality acquisitions of either adviser firms or private client fund management businesses.

We have a high threshold to make sure any acquisition is a good cultural, strategic, and financial fit for the business.”

The company’s assets under management grew 17 per cent to £10.4bn, compared to £8.9bn at 31 July 2017. Total client assets grew 10 per cent to £12.2bn.

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