Investec’s wealth & investment division has reported an operating profit of £93.2m for the year ended 31 March 2017, an increase of 9% compared to £85.7m reported a year ago.
The unit’s funds under management totalled £54.8bn at the end of March 2017, as against £45.5bn in the year ago period. The business recorded net inflows of £1.2bn during the year.
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The asset management arm of Investec posted an operating profit of £164.8m for the year ended 31 March 2017, a surge of 22.3% from £134.8m a year ago. Total funds under management at the unit soared to £95.3bn from £75.7bn a year earlier.
Overall, the group’s annual operating profit stood at £663.7m, up 13.7% compared to £583.9m a year ago.
Investec CEO Stephen Koseff said: “For the first time our revenues have broken the GBP2 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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