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.