Close Brothers is eyeing new hires in its asset management arm as staff begin returning to the office in the wake of the coronavirus lockdown.
In a trading update to the market today (July 22) the asset manager said it was "committed to investing in new hires and technology" as part of long-term growth plans.
It comes as the company confirmed a number of its staff had returned to work in the office and were now meeting customers in person where appropriate, although the majority of the workforce remained working from home.
Close Brothers is expected to publish its full results in September, but in an update for the 11 months to June this morning the company reported net inflows of 10 per cent with managed assets of £12.5bn.
The company said it had benefitted from positive market movements since the third quarter of its financial year and saw its total client assets tick up slightly from £13.3bn in July 2019 to £13.7bn in June this year.
Market turmoil driven by the global coronavirus pandemic saw client assets worth £1bn wiped from the asset management arm of Close Brothers earlier this year, with client assets dropping to £13bn by the end of April.
Outgoing chief executive Preben Prebensen said: "Despite these challenging and unprecedented times, the group has again proven resilient and we are confident that we will end the financial year in a strong financial and operational position.
"While early indications of a return to activity following the easing of lockdown restrictions are encouraging, it remains too early to know the full impact of Covid-19 on the UK economy."
Mr Prebensen is set to step down as chief executive in September after ten years in the role, with Adrian Sainsbury announced last month as his successor.
Mr Sainsbury, who has led the Close Brothers banking division as its managing director since 2016, will receive a salary of £550,000 a year at the helm of the business.
rachel.mortimer@ft.com
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