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Investec Wealth & Investment sees £1.1bn net inflows
by James Phillipps on Feb 06, 2014 at 08:36
Investec Wealth & Investment, led by Jonathan Wragg (pictured), saw net inflows of £1.1 billion in the nine months to the end of December with the group’s asset management arm attracting £2 billion.
Investec’s total operating income rose 1% year-on-year with recurring income as a percentage of total income rising to 74% from 71%, the company said in an interim management statement.
The group’s cash pile has now grown to £8.1 billion and this could be bolstered further by the potential sale of its intermediary mortgage business, Kensington. Investec said it has appointed Fenchurch Advisory to oversee a potential sale, although there is no guarantee one will take place.
The company’s year-end results will be announced on 22 May.
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