Close Brothers, the UK-based investment bank and asset manager, reported an 82 per cent rise in pre-tax profits for its asset management div...

Close Brothers, the UK-based investment bank and asset manager, reported an 82 per cent rise in pre-tax profits for its asset management division in the full year to end July 2005. The profit number came in at £31.8 million ($56.4 million).

Total assets under management rose to £7.1 billion from £5.5 billion. Private client assets under management rose to £2.7 billion. The private bank also administers around £5.2 billion of trust assets and has £700 million of deposits offshore.

The bank said in a statement: “Our private banking operations in Jersey, Guernsey and Isle of Man now have a single management structure. This group, together with our mass affluent business, Close Wealth Management, and our onshore bespoke business for high net worth individuals, form the building blocks of our private client business.”

It added: “Each of the three key units in this group made progress during the year and are working closely together.”