Close Brothers announces significant expansion of its Private Client business with the appointment of 14 portfolio managers.

Close Brothers today announces the recruitment of 14 portfolio managers to its high net worth business Close Private Asset Management.

The portfolio managers who will join from Singer & Friedlander include Tim Howe and Francis Clarke in London.  Most individuals are expected to commence employment in July.

Close Brothers’ Private Client business currently manages £2.5 billion and administers £4.5 billion with offices in London, Manchester, Birmingham, Stirling, Northwich, Isle of Man, Jersey and Guernsey.  This initiative will increase the number of investment professionals to over 40.

Key reasons for these appointments:
Close is committed to growing its overall asset management business and its increased focus on this area has already delivered strong profit growth for the Group;

Within asset management, Close recognises that there are attractive opportunities in the HNW market as a complement to its existing mass affluent and offshore wealth management businesses;

The hiring of experienced private client professionals will enhance both the investment proposition and business development; and,

The London recruits will increase the scale of the business in the important London market.  The Leeds recruits open up a new location in an attractive regional market.  The Isle of Man recruits will leverage the existing offshore presence more fully and deepen the investment capability.

For further information, please contact:

Martin Andrew, Head of Private Clients
Close Brothers
020 7426 4064

Louise Hatch/Tilly von Twickel
M:Communications
020 7153 1516

Notes to Editors

The wealth management business at Close Brothers comprises:

Close Private Asset Management – discretionary investment management for HNW  individuals, charities and small to medium sized institutions;

Close Wealth Management – discretionary investment management and wealth management for affluent individuals; and,

Close Private Bank – discretionary investment management, collective investment funds, offshore banking and fiduciary services for non-UK individuals and UK expatriates.