Weak rand impacts Investec over half year

clock

Investec has reported its results for the half year to 30 September, a period which saw its business impacted by a depreciation in the South African rand.

For the six-month reporting period, the asset management arm of the group, with private banking operations stripped out, reported a 2.5% uptick in pre-tax profit from £65.5m in 2011 to £67.2m for 2012. The group said its asset and wealth management businesses saw net inflows of £2.1bn, with these businesses accounting for 39.3% of total operating profit. Total third party assets under management totalled £99.5bn, compared to £96.8bn as at 31 March 2012. Bernard Kantor, managing director, said the weakness in the rand had affected the firm in sterling terms. "Global markets remained...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Global

Investment Week launches Geographical Equities Conference 2024

Investment Week launches Geographical Equities Conference 2024

Allianz Global Investors, Downing, EdenTree and Royal London Asset Management among speakers

Investment Week
clock 15 January 2024 • 2 min read
Moody's downgrades China sovereign credit outlook to negative

Moody's downgrades China sovereign credit outlook to negative

Retains A1 rating

Elliot Gulliver-Needham
clock 05 December 2023 • 2 min read
ECB warns high rates are pushing economy towards fragility

ECB warns high rates are pushing economy towards fragility

‘Early signs of stress’ in banks

Elliot Gulliver-Needham
clock 22 November 2023 • 2 min read
Trustpilot