Close Brothers

Company Profile

Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services and securities trading. It operates through three divisions: banking, securities and asset management. 

As one of the UK’s largest and longest-established providers of financial advice and investment management, Close Brothers Asset Management’s goal is to secure the financial future of high-net-worth professionals, business owners, individuals and families. Financial advisers, trustees, consultants and charities also trust the multi-asset investment manager to manage funds and portfolios on their behalf.

With more than 90 advisers in 16 offices across the UK, the firm had assets under management of £15.2 billion as of December 2022. 

The recruitment of new investment officers, opening of new offices and organic expansion of its client base has enabled Close Brothers Asset Management to develop into a bona fide wealth management big-hitter.

History

Close Brothers was founded in 1878 by William Brooks Close and his brothers Fred and James as a London-based partnership with interests in the United States. After opening an office in Sioux City, Iowa, in 1879, and then moving to Chicago in 1884, William Brooks Close in 1897 paid £10,000 to the US government for the right to build a railway from Alaska into the Yukon.

When William Brooks Close died in 1923, his will stipulated that Close Brothers must be wound up, and a new company formed to carry on the business in the same name. In 1977 Close Brothers Premium Finance launched as the first premium finance business in the UK, and it was first listed on the London Stock Exchange in 1984. Close Brothers Asset Finance was established in 1987, and Close Brothers Investment Limited, the precursor to the asset management arm, was incorporated in 1991.

In the 1990s, the company expanded through the acquisition of businesses including Nene Credit (creating Close Motor Finance) in 1991, Winterflood Securities in 1993, Hill Samuel's Corporate Finance Division in 1996 and Lomond Asset Management and Rea Brothers in 1999. The latter brought the firm’s assets under management to £2.5 billion and led to the creation of its high net worth client business.

In addition to forming an independent financial adviser distribution team in 2009, acquisition activities continued in the 2000s and included that of Nelson Money Managers, Escher, a majority stake in Fortune Asset Management, Chartwell Group, Allenbridge Group, Cavanagh Group, Scott Moncrieff Wealth Management, Mackay Stewart & Brown, Eos Wealth Management, Adrian Smith & Partners and PMN Financial Management.

Close Brothers launched its portfolio funds in 2010, and its managed funds and tactical select passive funds in 2011.

In 2022, it became signatories to the UK Stewardship Code and the Net Zero Asset Managers initiative.

Senior leadership

Group CEO: Adrian Sainsbury

Asset Management CEO: Eddy Reynolds

Head of HNW: Giles Marshall

Chief Operating Officer: Gregg Clarke

Head of Advice: John Edmeads

Chief Investment Officer: Robert Alster

Private client services

Working with HNW and UHNW clients on investment management and financial planning, Close Brothers Asset Management prides itself on its personal service and reputation as a trusted source for managing and growing clients’ wealth.

Investment management

Close Brothers has a team of investment managers, as well as smaller teams focusing on discretionary management and inheritance tax to manage the portfolios of private clients and families. Services include:

• Bespoke investment management: portfolio management on a discretionary basis, with access to an investment manager and a structured portfolio process that can cover the full range of asset classes, including shares, bonds, unit trusts, property, commodities, currencies and hedge funds
• Socially responsible investment: a global, multi-asset class approach with consideration of ethical, impact and environmental, social and governance factors (ESG) in the selection of portfolio securities based on the 17 UN Sustainable Development Goals
• Inheritance tax service: investments in assets that qualify for business property relief, which offers exemptions from IHT in certain circumstances
• Managed portfolios: for advised clients, multi-asset-class portfolios in four distinct strategies (income plus, conservative, balanced, growth)

It also offers online services, namely an investment portal with access to managed funds from Close Brothers and other leading names, as well as exchange traded funds (ETFs), UK stocks and shares, UK government bonds (gilts) and investment trusts.

Wealth management and financial planning

Delivering fully integrated wealth management, Close Brothers connects advisers and investment managers to high net worth clients, providing a bespoke service offering that includes:

• Investment advisory: segregated portfolios, direct investments, third-party funds, as well as tax-efficient and specialist investments
• Retirement planning: including cash modelling and tax planning
• Estate planning: maximising tax allowances, taking out protection policies, building a tailored investment portfolio to meet wealth legacy objectives, and setting up structures for efficient transfer of assets to your beneficiaries
• Protection for family, business and income
• Mortgage advice, including access to specialist products

Locations

Close Brothers Asset Management operates from 15 offices in the UK and Channel Islands: London (City); Birmingham, Bristol, Chester, Cheltenham, Chichester, Edinburgh, Farnham, Gatwick, Glasgow, Guernsey, London (Mayfair), Manchester, Newcastle and Northwich.