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Investec Wealth still on recruitment hunt as profit jumps 35%
by Dylan Lobo on Nov 21, 2013 at 11:13
Investec Wealth & Investment recruiting spree is set to continue after a strong first half.
In the six months to 30 September profit at the division increased by 35% from £22.9 million to £30.8 million.
The business, headed by Jonathan Wragg (pictured) benefitted from higher levels of average funds under management and improved operating margins. Net inflows stood at £400 million with assets under management rising from £40 billion at the end of March to £40.4 billion.
Investec Wealth has undergone a rapid expansion over the last two years and increased its UK footprint over the last six months by successfully completing the integration of Williams de Broë business.
This expansion has extended into the fourth quarter as it hired nine individuals from Deutsche and Barclays to bolster its Edinburgh and Glasgow teams.
In a statement accompanying the results, its South African parent Investec suggested the firm is still firmly on the hunt for new talent.
'Further investment in distribution platforms, IT and online infrastructure and experienced portfolio managers is important for supporting future revenue growth' in the business the firm said.
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