Profits at asset manager Ninety One rose 11% in the financial year to March while assets under management (AuM) fell 7% to £103.4 billion (€115.6 billion).
The full-year results for the firm – previously known as Investec Asset Management – showed pre-tax profits at £198.5 million while, despite net inflows of £6 billion, total AuM fell.
Chief executive and founder Hendrik du Toit said that an otherwise good year – which saw the firm demerge from Investec, rebrand as Ninety One and list on the London and Johannesburg stock exchanges – had been “challenged” by the consequences of the Covid-19 pandemic.
The fund manager said it has prioritised the wellbeing of its employees during the pandemic and has not made any staff redundant or put them to furlough.
All staff have become shareholders of the new entity and collectively own more than 21% of the equity of Ninety One.
“These developments took place in the face of extreme market volatility and weakened economic prospects, which we expect to endure for some time,” said du Toit.
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