Close Brothers AM CEO steps down

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Close Brothers AM CEO steps down

Close Brothers Group has confirmed that the CEO of its asset management business will be stepping down in the spring of 2022. 

Martin Andrew has been with the firm for 16 years, having spent the past 13 in the role of chief executive. 

The group said the search for a replacement is "well underway and an announcement will be made in due course". 

Adrian Sainsbury, group chief executive at Close Brothers, said: "We take a long-term view of our businesses and Martin and I have been discussing succession planning in CBAM for some time."

The news comes as Close Brothers Asset Management reported an 8% rise in net inflows for the first quarter of its 2022 financial year, which spans August 1, 2021 to October 31, 2021. 

Managed assets increased to £16bn, while total client assets grew to £17bn. 

The wider group maintained a strong capital position, with a Common Equity Tier 1 capital ratio of 15.7% at the end of the period. 

"We are encouraged by our performance at this early stage of the financial year as we continue to make the most of opportunities arising in the current environment," said Sainsbury. 

He added that the group's responsibility towards the environment remains a top priority. 

"In addition to targeting being operationally net zero through our Scope 1 and 2 emissions by 2030, we have now started an assessment of our indirect Scope 3 emissions as we look to better understand our impact and how we can help with the transition to a lower carbon future."