Broker snap: UBS cuts numbers for Close Brothers
14th Sep 2011 10:20
Shares in banking, securities and asset management firm Close Brothers were dragged lower on Wednesday after UBS scaled back its forecasts and reiterated its cautious outlook for the industry. The Swiss broker said that since Close Brothers' trading statement in July, it has seen a more challenging
Read moreClose Brothers seeing slowdown at Winterflood
22nd Jul 2011 08:03
Merchant bank Close Brothers performed soundly in the five months to the end of June, although Winterflood, its securities division, saw a slowdown as market conditions got tougher in the second quarter of 2011. The Banking division saw good growth in its loan book of 7% in the period and 16% year
Read moreBanking drives Close Brothers growth
19th May 2011 16:08
Close Brothers is on course to meet full year expectations after a strong start to 2011 by its banking and securities divisions. The banking division has seen a 4% increase in the loan book to £3.3bn at the end of April from £3.2bn at the end of January. The net interest margin has remained strong
Read moreClose Brothers swoops for Cavanagh
4th Apr 2011 12:48
Merchant bank Close Brothers has made an agreed bid for Cavanagh Group in a deal that values the AIM quoted independent financial adviser (IFA) at about £26.2m. Close is offering 220p in cash for each Cavanagh share as it pursues its policy of building a high growth wealth and asset management bu
Read moreClose Brothers sells Cayman Islands unit
21st Mar 2011 16:16
Close Brothers has sold its Cayman Islands trust, fiduciary services and fund administration business for $34m (£21m). The disposal comes soon after the sale of the firm's UK offshore business. It will "further streamline the Asset Management division and increase focus on its core businesses," Clo
Read moreIncoming United Utilities boss splashes out
16th Mar 2011 16:28
United Utilities' incoming chief executive has spent £400,000 on shares in the water supplier. Steven Mogford, who will take the reins at United Utilities on 31 March, took 70,814 shares at 564.9p a time, his first purchase of shares in the company. Mogford's appointment was announced in November
Read moreWednesday tips round-up: G4S, Luminar, Close Brothers...
16th Mar 2011 06:53
G4S's organic growth last year stood at 2.1% and is already running ahead this year. Profits before interest, tax and one-offs were 4.2% ahead at £527m. What you get with G4S is a good geographical growth story and a strong play on economic recovery in Britain, the Continent and America. Unexciting
Read moreLondon open: Nuclear fears sink Footsie
15th Mar 2011 08:46
An 11% plunge in Tokyo this morning on fears of a nuclear catastrophe in Japan has hammered share prices in London first thing. A third explosion at the Fukushima Daiichi nuclear power plant has raised concerns of a major radiation leak. People within 30 kilometres of the plant are being told to st
Read moreLondon pre-open: Triple-digit slump in store
15th Mar 2011 07:37
An 11% plunge in Tokyo this morning on fears of a nuclear catastrophe in Japan is set to hammer London first thing Tuesday. A third explosion at the Fukushima Daiichi nuclear power plant has raised concerns of a major radiation leak. People within 30 kilometres of the plant are being told to stay i
Read moreBanking the engine of growth at Close Brothers
15th Mar 2011 07:04
A strong showing by the banking division was not enough to offset weaker performance in other parts of the business at merchant bank Close Brothers. Operating profit before tax in the six months to 31 January 2011 dipped to £55.8m from £61.8m in the corresponding period the year before. Adjusted o
Read moreClose Brothers sells offshore assets
10th Mar 2011 09:54
Close Brothers its selling its UK offshore trust, administration, asset management and bank operations to Kleinwort Benson Channel Islands for £29.1m. The business is based in Guernsey, Jersey, the Isle of Man and South Africa and made a profit of £700,000 in the year to July 2010. There were £474m
Read moreClose Brothers acquires £300m of deposits
21st Feb 2011 14:20
Finance provider Close Brothers has bought the retail structured term deposit book of Dunbar Bank for a premium of £1.5m. The deposits are worth a total of £300m and Dunbar will pay Close £298.5m in cash to take on the deposits. Dunbar is part of the Zurich Financial Services Group. Close is tak
Read moreClose Bros buys Dunbar's £300m deposit book
21st Feb 2011 14:12
Merchant bank Close Brothers has bought the retail structured term deposit book of Dunbar Bank, pert of the Zurich Financial Services Group, for a premium of £1.5m. It will take on about £300m of deposits, get four extra staff and a licence to use the information technology systems that support the
Read moreLondon close: Shares end week on a high
21st Jan 2011 16:59
London's leading share index went into the weekend on a high after falls the previous two days. Royal Bank of Scotland led the top share index higher after the FT reported that bank executives and officials at the Treasury are talking about ways for the bank to exit the toxic asset scheme. After
Read moreLondon afternoon: Miners lead revival
21st Jan 2011 14:35
After yesterday's triple-digit fall the Footsie has clawed back around half of those losses, helped by a strong performance from miners. Weather conditions in Australia have improved enough to allow Rio Tinto to end the force majeure event that's disrupted supplies of aluminium from Boyne Smelters
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