Close Bros stunted by lower volatility

It was a mixed bag from Close Brothers (CBG) in its financial year to July, as increased inflows into the asset management business were set against a 29 per cent drop in operating profit at subsidiary Winterflood Securities. Volatility levels were down on the prior year as traders kept their powder dry in the face of growing economic uncertainties, hardly ideal conditions for the market maker, but the fact that group earnings declined by a relatively modest 2 per cent points to the resilience of the business model.