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.
Operating profit before goodwill, acquired intangibles, non-operating items and taxation and after non-controlling interests was 5.6% behind the prior year in the nine-month period.
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
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
