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 AM lost £2.6m in the period compared with a £6m loss in the previous six months.
It said the result reflects a restructure which, in November, saw the launch of a new advised proposition and, later this financial year, will see a new service for "self directed" clients, including an online SIPP.
The division also completed its range of investment products during the period with the launch in October of multi-manager and passive funds.
In the same month, Close AM acquired Scottish IFA business Scott-Moncrieff Wealth Management, increasing its private clients assets under management (AUM) to £6.9bn, from £6.5bn in the six months to 31 July 2011.
Overall, AUM fell to £8.6bn from £9.6bn in the previous six months, but this included the expected redemption of a £1bn institutional mandate.
Close Brothers chief executive Preben Prebensen said: "The asset management division continued to make good progress on its strategic transformation.
"We have a strong financial position, our businesses remain well positioned and we look forward to the second half of the year with confidence."
What made financial headlines over the weekend?
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000