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Article: Mixed fortunes at Close Brothers.
- Article from:
- Investors Chronicle - magazine and web content
- Article date:
- September 30, 2009
CopyrightCOPYRIGHT 2009 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jonas Crosland
RESULT: Solid gains in market making offset by weaker investment performance
Close Brothers suffered a drop in profits for the year to July, although the fortunes of its three trading divisions varied significantly. The star performance came from the merchant bank's securities division, which accounted for over half the group's profits, and where Winterflood strengthened its position as the leading market-maker to the UK retail stockbroking sector. Increased market volatility led to a 56 per cent rise in bargains per day to 42,000, and adjusted operating profits in the securities division jumped by 68 per cent to GBP64.9m.
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