Winterflood peps Close Brothers

23rd Jul 2009 07:43

Merchant bank Close Brothers has seen a strong performance from its Winterflood market making division while other parts of the business have performed broadly as expected.Total funds under management (FUM) by the Asset Management division eased a little to £6.8bn at the end of June from £6.9bn at the end of January.Changes in the mix of assets under management have resulted in a reduction in the fee margin, as expected, while lower interest rate have also affected income on assets under management and deposits.The Banking division’s loan book inched higher to £2.33bn at the end of June from £2.31bn at the end of January.Bad debt provisions have increased across the loan book, as anticipated. The Securities division has been the star performer thanks to Winterflood’s “very strong contribution”. Bargains per trading day at Winterflood have been significantly higher in the first half of 2009, but elsewhere in the division the performance of Mako has “Wcontinued at a slower pace” while “Seydler’s contribution has remained muted.”