LONDON (dpa-AFX) - Close Brothers Group plc (CBG.L), on Thursday, issued trading update for the first quarter of its 2023 financial year, and said it has delivered a solid performance in the quarter, achieving a strong margin in the Banking division and increased net inflows in Close Brothers Asset Management or CBAM.
Despite the challenging market conditions, CBAM has continued to attract client assets and delivered year-to-date annualised net inflows of 7%. In the period, managed assets decreased to £14.8 billion and total client assets declined to £16.1 billion, reflecting negative market movements.
In line with the company's commitment to actively contribute towards the UK government's net zero climate goals, CBAM is now a signatory of the Net Zero Asset Managers initiative.
Further, the company stated, 'We have made a solid start to the year and are well positioned to navigate successfully this challenging period. Our proven and resilient model, strong financial position and deep expertise enable us to continue supporting our customers and clients, whilst delivering on our long track record of profitability and disciplined growth.'
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