Close Brothers Asset Management (CBAM) produced a solid result in its most recent financial year, with net inflows and operating income rising, while profitability was impacted by ongoing investment in staff and technology.

CBAM – the private client wealth business of Close Brothers Group – delivered £20.4 million in adjusted operating profit for the full-year to 31 July 2020, down 6 percent on 2019’s £21.8 million. The operating margin was 16 percent (2019: 18 percent), impacted by weaker equity markets in the second half of the year. Statutory pre-tax profit was £19.3 million (2019: £17.9 million).

Total ope...