Tough market conditions pushed down full-year profits by almost a third at Close Brothers, the London-based investment bank, as it confirmed Colin Keogh, chief executive, will step down after six years.

Operating profit before tax for the year to July 31 was below market expectations at £127.5m ($230m). This was after £10m of exceptional costs incurred during fruitless talks with potential acquirers and subsequent restructuring expenses. Last year’s pre-tax profit of £190.2m was boosted by £21.1m of exceptional income from a private equity transaction.