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Investec Wealth & Investment sees £1.2bn inflows in Q1

Investec Wealth & Investment sees £1.2bn inflows in Q1

Investec saw £1.2 billion net inflows into its Wealth & Investment (W&I) division in the first quarter, while its asset management business saw profits surge by 22.3% to £164.8 million.

In its full-year results, the company said W&I’s operating profit rose by 8.8% year-on-year as total funds under management reached £54.8 billion. The asset management division’s funds under management rose from £75.7 billion to £95.3 billion, which was largely driven by positive market and currency movements.

At a group level, Investec reported a 13.7% rise in operating profit to £663.7 million year-on-year or 4.2% on a currency neutral basis. Total operating income increased by 18% to £2.3 billion over the same period. This prompted a 9.5 dividend increase to 23p for the full-year, which is 2.1 times covered.

Chief executive Stephen Koseff said: ‘For the first time our revenues have broken the £2 billion mark showing the strength and resilience of our businesses in the face of macro uncertainty in our two key markets. Our client focus, multiple income streams and long term investment strategy give us confidence for the future.’

 

 

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