Martin Andrew, the CEO of Close Brothers’ asset management arm, today announced he will step down from his role after thirteen years at the helm, to “pursue the next stage of his career.”
Commenting on his departure, Andrew said: “It has been a privilege to lead CBAM and serve our clients over many years and I am proud of what the team has accomplished.
“I will leave with a strong fondness towards Close Brothers and I am committed to a smooth handover to my successor in due course.”
It will bring his sixteen year career at Close Brothers – the majority of which he spent in the leadership role – to an end in Spring 2022, when Martin will eventually step down.
The asset manager said the search for a successor is “well underway” and an announcement will be made in due course.
Adrian Sainsbury, group chief executive at Close Brothers, said: “We take a long-term view of our businesses and Martin and I have been discussing succession planning in CBAM for some time.”
Close Brothers released a trading update simultaneously today that revealed the asset management arm had seen an 8 per cent increase in net inflows in the first quarter of its 2022 financial year, ending 31 October.
Its AUM grew to £16bn in the period, while its total client assets swelled to £17bn.
Meanwhile, the rest of the group’s results were robust, supported by a Common Equity Tier 1 capital ratio of 15.7 per cent at the end of the quarter.