Close Brothers has attracted £1 billion in net inflows as its acquisition strategy begins to bear fruit.
In its preliminary results for the year ending 31 July 2018, the firm's asset management division reported a 10% rise in assets under management (AUM) to £12.2 billion and a 33% jump in adjusted operating profit to £23.1 million year-on-year.
Regarding its asset management business, Close Brothers said: ‘We are focused on building further scale in the business, by growing client assets both organically and through selective hires and opportunistic acquisitions.’
In March last year, Close Brothers Asset Management (CBAM) acquired Coventry-based IFA Adrian Smith & Partners, establishing a presence in the Midlands and adding £100 million in AUM.
It came after CBAM acquired financial planning firm Eos Wealth management in June 2016, adding another £300 million in client assets.
Overall, the company reported a 3% increase in pre-tax profit to £271.2 million as well as an adjusted operating income of £805.8 million, up 6% year-on-year.
Close Brothers chief executive Preben Prebensen said: ‘All of our businesses have continued to successfully navigate and make the most of current trading conditions, while continuing to focus on maximising opportunities in future years.
‘Our strategic priorities are clear and unchanged, and we remain strongly committed to our proven business model, maintaining confidence in our ability to trade successfully in a range of economic conditions.’