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Close Brothers Expects ‘Good Result’ in First Half

Jan. 23 (Bloomberg) -- Close Brothers Group Plc, a British financial-services firm, expects to post a “good result” in the first half, helped by its banking and asset-management units.

The banking division’s loan book was at 4.4 billion pounds ($7 billion) at the end of December, up from 4.1 billion pounds at the end of July, the London-based company said in a statement today. Assets under management rose 3 percent to 8.5 billion pounds, with trading at the securities division “subdued,” it said.

“The group is well positioned for the remainder of the 2013 financial year,” Close Brothers said. The banking unit “continues to see solid prospects for growth and asset management remains on track to move into profitability during the course of this financial year. ”

Close Brothers has been restructuring its funds business and in 2011 sold its advisory, U.K. offshore and Cayman Islands operations to focus on banking, securities and asset management.

The company will release its first-half results for the six months ended Jan. 31 on March 12, it said.

Shares in Close Brothers fell 1 percent to 965 pence at 8:20 a.m. in London trading.

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 eevans3@bloomberg.net

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