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."
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