Close Bros Regulatory News (CBG)

10 Apr 2008 10:00

Close Brothers Group PLC10 April 2008 MARTIN ANDREW APPOINTED CHIEF EXECUTIVE OF CLOSE BROTHERS' ASSET MANAGEMENT DIVISION Appointment reflects commitment to ongoing development of the business 10 April 2008, London - Close Brothers Group has appointed Martin Andrew asChief Executive of its Asset Management division with effect from 1 May 2008.His appointment is part of the continuing development of the division. Jonathan Sieff, current Chief Executive of Asset Management, will be steppingdown. Rufus Warner, Chief Executive of Close Investments, will also leave thebusiness. Martin joined Close Wealth Management Group, part of the Asset Managementdivision, in 2005 as head of the Private Client Business. Since joining thedivision he has expanded the High Net Worth business; integrated the investmentmanagement teams; created a single operating brand; and established a managementstructure spanning a number of historically separate businesses. Previously Martin was with Merrill Lynch Investment Managers (MLIM) where heworked in a range of roles both in the US and UK, including strategy,distribution and marketing. These roles culminated in Martin running MLIM'sEuropean private client business. Asset Management is one of the four divisions within Close Brothers Group. At 31January 2008 it had £8.9 billion of funds under management across a broad spreadof asset classes. In H1 2007/08 the business raised £700 million of new fundsand announced operating profit before exceptional items, goodwill impairment andtax of £18 million. Commenting on the appointment, Colin Keogh, Chief Executive of Close BrothersGroup, said: "Martin's successes at Close Wealth Management Group qualify him well to drivethe continued integration and growth strategy in our Asset Management division.Despite market turbulence the division continues to perform robustly. We expectto strengthen our investment capabilities; simplify the business model and placean increased emphasis on business development, sales and marketing. Goingforward we will be looking to grow the business, both organically and, when theopportunities arise, through acquisition. Jonathan Sieff has achieved solidprofit growth in the division during his tenure and we thank him and Rufus fortheir significant contribution to the business and wish them both well." Enquiries: Colin Keogh Close Brothers Group plc 020 7426 4000 Justin Clark Close Brothers Group plc 020 7426 4000 David Waller Maitland 020 7379 5151 This information is provided by RNS The company news service from the London Stock Exchange