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.
Subscribe to 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
-
73% of savers plan to rely on partner’s pension in retirementA new survey suggests the majority of people may lack financial independence in retirement, with almost three-quarters set to rely on their partner’s pension
-
How much you need to follow the 25x retirement rule – will you have enough to be financially independent?We explain what the 25x retirement rule is and the amount you would need to be financially independent in retirement.
