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Close Brothers Securities Arm Hurt by Market Turmoil

Nov. 17 (Bloomberg) -- Close Brothers Group Plc, the British investment bank founded in 1878, said revenue at its securities unit was hurt by turmoil in stock and bond markets during its fiscal first quarter.

The shares fell 1.5 percent at the close of London trading after the company said markets “remain difficult.” Close Brothers’ loan book rose 5 percent to 3.6 billion pounds ($5.7 billion) in the three months ended Oct. 31, while its asset-management unit posted a small loss for the quarter, according to an interim management statement published today. The company’s Seydler securities arm was affected by “limited” capital-market activity in Germany, it also said.

“Market conditions have affected the securities division in the first quarter, and remain difficult,” Close Brothers said in the statement. “However, we continue to see a good performance in the banking division and our businesses remain well positioned.”

Close Brothers is restructuring its asset-management business and sold its U.K. offshore and Cayman Islands operations to focus on banking, securities and asset management.

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans2@bloomberg.net.

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