Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Investec scoops £3.6bn in three months

 Investec scoops £3.6bn in three months

Investec has reported strong inflows over the past quarter, attracting almost as much as in the entire prior year.

In the three months to 30 June 2014, Investec’s combined net flows into its Wealth & Investment and Asset Management businesses hit £3.6 billion.

For the full year to 31 March 2014 the equivalent combined net inflow was £4 billion, split between £2.6 billion for Asset Management and £1.4 billion for Wealth & Investment.

Investec added that through the most recent quarter Wealth & Investment had enjoyed ‘strong growth in operating profit’, while in Asset Management operating profit was ‘marginally ahead of the prior year’.

However, the group advised that its results would be affected by currency movements, with the rand depreciating by 22% against the pound during the period.

So while quarterly operating income was up 11% on a currency neutral basis, it had only risen by 1% once the rand’s slide was taken into account.

The trading update follows the naming of Fani Titi as Investec’s sole chairman earlier this month, with current co-chair Sir David Prosser to retire on 8 August.

Investec's (whose chief executive, Stephen Koseff, is pictured) shares slipped by 1.6% on the London market this morning to stand at 510.5p at 9am.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Play Japan's slump, the umbrella revolution and the battle for Brazil

Japan's slump, the umbrella revolution and the battle for Brazil

With the arrows of Abenomics appearing to be missing their targets and political uncertainty rife in Hong Kong and Brazil we take a look at investor sentiment in this week's Investment Pulse

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter