Close Bros Grp PLC - Asset Management Appointment

RNS Number:0565S
Close Brothers Group PLC
10 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 as
Chief 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 stepping
down. Rufus Warner, Chief Executive of Close Investments, will also leave the
business.

Martin joined Close Wealth Management Group, part of the Asset Management
division, in 2005 as head of the Private Client Business. Since joining the
division he has expanded the High Net Worth business; integrated the investment
management teams; created a single operating brand; and established a management
structure spanning a number of historically separate businesses.

Previously Martin was with Merrill Lynch Investment Managers (MLIM) where he
worked in a range of roles both in the US and UK, including strategy,
distribution and marketing. These roles culminated in Martin running MLIM's
European private client business.

Asset Management is one of the four divisions within Close Brothers Group. At 31
January 2008 it had £8.9 billion of funds under management across a broad spread
of asset classes. In H1 2007/08 the business raised £700 million of new funds
and announced operating profit before exceptional items, goodwill impairment and
tax of £18 million.

Commenting on the appointment, Colin Keogh, Chief Executive of Close Brothers
Group, said:

"Martin's successes at Close Wealth Management Group qualify him well to drive
the continued integration and growth strategy in our Asset Management division.
Despite market turbulence the division continues to perform robustly. We expect
to strengthen our investment capabilities; simplify the business model and place
an increased emphasis on business development, sales and marketing. Going
forward we will be looking to grow the business, both organically and, when the
opportunities arise, through acquisition. Jonathan Sieff has achieved solid
profit growth in the division during his tenure and we thank him and Rufus for
their 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

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