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 manag...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
