After a difficult period for Close Brothers group, its asset management division (CBAM) has also had a challenging first half of its financial year.
In the six months to 31 January, operating profit before tax dropped by 26.9 percent year-on-year from £7.8 million to £5.7 million.
Adjusted operating profits in CBAM decreased 27 percent from £8.6 million to £6.3 million.
The firm attributed this to income growth being more than offset by higher costs.
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