Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. 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 Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter