Close Brothers paints bright outlook for 2014

24th Jan 2014 07:24

- Growth expected in the first half - Banking arm loan book grows- AuM rises four per centFinancial services company Close Brothers Group said it expects a 'strong performance' in the first half of the financial year on the back of growth in its Banking business.In a trading update for the six months to January 31st, the group reported a 4% rise in the Banking arm's loan book of £4.8bn in the year-to-date. While growth moderated slightly from the prior year, improved results have continued in the lending businesses. Assets under management jumped 4% to £9.5bn, from positive market movements and net inflows. The firm's securities business, Winterflood, benefited from a recovering market sentiment as a rise in trading activity and investor risk appetite led to an increase in income per bargain and average bargains per day."Overall, we remain confident in the outlook for the current financial year," Close Brothers concluded. RD