The chief executive of Close Brothers Asset Management (CBAM), Martin Andrew, has said he is pleased with the business’s performance in the first half of its financial year, as income and profits held up during a challenging period.

CBAM’s total income for the six months ending 31 January increased 2 percent to £67.1 million, with higher investment management income (£49.3 million, up 7 percent), offsetting lower income in the smaller ‘advice and other services’ business (£17.7 million, down 5 percent).

Mr Andrew said investment management benefited in CBAM’s second quarter (November to January), following ...