Close Brothers Group

Source: Wikipedia, the free encyclopedia.
Close Brothers Group plc
Products
  • Merchant banking
  • Securities
  • Wealth management
RevenueDecrease £932.6 million (2023)[1]
Decrease £112.0 million (2023)[1]
Decrease £81.1 million (2023)[1]
Number of employees
3,700 (2024)[2]
Websitewww.closebrothers.com

Close Brothers Group plc is a UK merchant banking group which provides lending, takes deposits, manages wealth and trades in

securities. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.[3]

History

Close Brothers was founded in 1878 by William Brooks Close and his brothers Fred and James Close, who started offering farm mortgages in Sioux City, Iowa.[4][5]

In 1897, William Brooks Close paid £10,000 to the US government for the right to build

It was the subject of a

management buy-out in 1978 and was first listed on the London Stock Exchange in 1984.[7]

In the 1980s and 1990s, the company expanded through the acquisition of a specialist businesses including Winterflood Securities in 1993,[7] Hill Samuel's Corporate Finance Division in 1996[8] and Rea Brothers (established 1919) in 1999.[9]

In March 2008, Close Brothers acquired UK short-term and bridging lender Commercial Acceptances Group for around £31m.[10] In May 2009 it was announced that the corporate finance business was to be acquired by Daiwa Securities SMBC, a Japanese investment banking venture, leaving Close Brothers focused on capital markets, securities trading, lending and investment management.[11]

Close Brothers disposed of Close Brothers Seydler Bank AG, its securities business in Germany, to

Oddo et Cie in 2014.[12]

In September 2018, Close Brothers sold Close Brothers Retail Finance to Klarna, the Swedish online financial service provider.[13][14]

In July 2021, Close Brothers acquired PMN Financial Management for an undisclosed amount. The Surrey based independent financial advice firm brought £300m of assets with it.[15][16]

Operations

Close Brothers Banking division lends to small and medium-sized businesses and individuals and offers deposit taking.[17]

Winterflood, a

dark pools and covers nearly all LSE listed stocks, as well as Alternative Investment Market (AIM) and ICAP Securities and Derivatives Exchange.[18]

The company's chief executive is Adrian Sainsbury, who has been in the role since September 2020. The company faced criticism over the size of his pay increase in November 2021.[19] Its board has been chaired by Mike Biggs since May 2017.[20]

References

  1. ^ a b c "Annual Report 2023" (PDF). Close Brothers. Retrieved 12 February 2024.
  2. ^ "Who we are". Close Brothers. Retrieved 12 February 2024.
  3. ^ "Close Brothers Group, UK, Londres". www.linkfinance.fr. Retrieved 2020-04-16.
  4. ^ "Farming the Virgin Land 1878–1879". The Iowa Genealogy Web Project. Retrieved 16 March 2019.
  5. ^ "Close Brothers shares shoot up on talk of takeover". The Guardian. 15 December 2007. Retrieved 16 March 2019.
  6. ^ "White Pass and Yukon Route Facts". White Pass and Yukon Route. Retrieved 16 March 2019.
  7. ^ a b "Close Brothers buys half of Mako". FT. 19 August 2007. Retrieved 16 March 2019.
  8. ^ "Era ends as Hill Samuel loses its deal-makers". The Independent. 1 June 1996. Retrieved 16 March 2019.
  9. ^ "Rea takeover puts Close in spotlight". The Guardian. 22 July 1999.
  10. ^ "Close Brothers acquires two specialist lending businesses/". Compelo. 27 March 2008. Retrieved 16 March 2019.[permanent dead link]
  11. ^ "Close Brothers sells corporate finance arm in £75m deal". The Telegraph. 18 May 2009. Retrieved 16 March 2019.
  12. ^ "Oddo & Cie completes acquisition Seydler". Investment Europe. 7 January 2015. Retrieved 16 March 2019.
  13. ^ Walker, Peter (2018-09-14). "Klarna buys Close Brothers Retail Finance". Retail Systems. Retrieved 2024-03-19.
  14. ^ "Klarna grows again, acquiring close brothers retail finance to strengthen position in UK market | The Payments Association". The Payments Association. 2018-10-02. Retrieved 2024-03-19.
  15. ^ "Close Brothers AM acquires IFA". www.ftadviser.com. Retrieved 2024-03-20.
  16. ^ "Close Brothers Asset Management buys PMN Financial Management". Private Banker International. 2021-07-22. Retrieved 2024-03-20.
  17. ^ "Close Brothers' lending still healthy". Investors Chronicle. 27 September 2016. Retrieved 16 April 2016.
  18. ^ "Winterflood Securities selects BNY Mellon for clearing and custody". Global Custodian. 25 April 2016. Retrieved 16 March 2019.
  19. ^ "Close Brothers faces investor revolt over huge pay rise for boss". Sky News. 11 November 2021. Retrieved 28 September 2022.
  20. ^ "Ex-Resolution chief Biggs joins Close Brothers". CityWire. 14 March 2017. Retrieved 28 September 2022.