Specialist bank and asset manager Investec saw assets under management (AUM) nudge slightly higher in the nine months to December 31st, helped by its recent acquisition of Evolution.
Nevertheless, the firm did admit that the third quarter has been a challenging one due to the volatile markets and low levels of activity.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The asset management and wealth management businesses continued to see net inflows however overall assets under management pre the acquisition of Evolution Group plc declined," the statement said.
Third party AUM rose by 1.9% to £90.6bn in the first three quarters, up 8.2% on a currency neutral basis. This included a £6.9bn gain from Evolution.
The Specialist Banking business saw both margin and fee income grow but earnings from principal activities fell substantially, the group said.
Meanwhile, customer accounts (deposits) fell 0.7% to £24.3m, and core loans and advances were 3.2% lower at £18.2bn.
As of December 31st, the group had £9.5bn in cash and near cash available.
BC
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
