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Close Brothers narrows losses to £2.6m

Close Brothers Asset Management has delivered an operating loss of £2.6m for the six months to January 31, compared to a loss of £6m for the same period the previous year, as the group completes its restructuring.

Close Brothers has been aggressive in its acquisitions buying Scott Moncrieff Wealth Management last October, Cavanagh in April, Allenbridge Group in February 2011 and Chartwell in September 2010.

The firm says the asset management division is in the final stages of its restructuring and is expected to record a further small loss over the next six months.

Assets under management fell 10 per cent from £9.6bn to £8.6bn, which included the redemption of a £1bn institutional mandate. The assets under management in its private clients business increased 6 per cent from £6.5bn at the end of July to £6.9bn.

The firm says it will continue to review potential acquisition opportunities on a selective basis. Its online Sipp and direct access to its platform will be available later this financial year.



War of tactics as Labour looks to sway the TSC2

The public bill committee is the place where technical amendments to the Financial Services Bill, which will create the new Financial Conduct Authority, are debated, then added or rejected. So far, the Government is using its majority on the committee to the frustration of those MPs who are looking to introduce requirements to increase the […]

Aon and Axa to provide PII cover for advisers.

Aon Risk Solutions has agreed a deal with Axa Commercial Lines to provide professional indemnity insurance for independent financial advisers in the UK. The cover will be sold through the Aon branch network with Aon also binding and issuing policy documentation under a limited delegation of authority. The firms say the cover is being provided […]


Scot Prov pays out 91% of CI claims in 2011

Scottish Provident paid out 91 per cent of its critical illness claims in 2011. The insurer paid out a total of £90m to its CI policyholders and the average payout was £82,000, with the largest over £945,000. Cancer remained the top reason for making a CI claim, accounting for over half of all claims. A […]

Rating firms rail against mechanistic regulation

Standard & Poor’s, Moody’s and DBRS say they support calls for the removal of regulations that require firms to obtain credit ratings for issuances. In October 2010, the Financial Stability Board published a principle that regulators and supervisors should “assess references to CRAs in standards, laws and regulations and wherever possible remove them”. Giving evidence […]

William Littlewood “betting that QE won’t work”

Journalist Alexis Xydias interviews Artemis manager William Littlewood about his views on bond, equity and currency markets and the impact of a Greek exit from the EU. With bond yields at “ludicrous” levels, William believes a tipping point for bond markets is sure to come. As a result, his Strategic Assets Fund holds government bond shorts to the tune of 100 per […]


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