Investec’s wealth & investment arm has posted an operating profit of £49.5m for the first half ended 30 September 2017, an increase of 14% compared to £43.2m a year ago.

The division’s funds under management totalled £55.5bn at the end of September 2017, as against £54.8bn at the end of March 2017. The unit recorded net inflows of £1.5bn, the company said in its earnings statement.

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Operating profit at the company’s asset management unit rose 1% to £83.2m from £82.3m a year ago. The company said that the business benefitted from higher average funds under management, positive market movements and net inflows of £2.1bn.

The unit’s total funds under management stood at £98.2bn as at 30 September 2017, versus £95.3bn as at 31 March 2017.

Overall, the group’s ongoing operating profit stood at £347.5m in the first half ended 30 September 2017, up 10% compared to £314.5m in the previous year.

The combined operating profit of the South African businesses was 8% higher than the prior period (in Rands), while the combined UK and Other businesses registered a 5% fall in operating profit (in Pounds Sterling).

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Investec CEO Stephen Koseff said: “We have continued to invest to grow our client franchise businesses.  We have improved and enhanced our digital and online services to complement our strong client centric service model.  This spending has further strengthened our franchises in private banking and wealth management. Our geographical and operational diversity supports a strong recurring income base and earnings which will help us weather an uncertain world.”