The asset management division of Close Brothers, comprising both advised and managed solutions for clients, turned a profit in the six months to February thanks partly to a 6% increase in overall assets under management.
The unit made an adjusted operating profit of £1.1m in the period, compared with a loss of £2.6m in the same period last year.
Overall income on assets increased 9% to £36m, corresponding to an improved revenue margin on total assets of 84 basis points, the group said.
In the period, new sales were offset by outflows including the maturity of a legacy structured fund, but overall the division benefited from positive market movements, meaning total AUM increased 6% to £8.9bn.
The division said a "good proportion" of new advice business moved onto its discretionary fund management proposition and its platform.
Across the group as a whole, which also includes banking and securities units, there was an improved operating profit of £77.3m, up from £66.8m in the corresponding period last year.
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