Investec Asset Management’s earnings increased by five per cent to a record GBP140m (USD221.5m) according to the firm’s results for the financial year to 31 March 2013.
Revenues exceeded GBP400m for the first time having grown by eight per cent on the prior year to GBP407m.
Assets under management rose to a record GBP69.8bn (USD106bn) supported by net inflows of GBP4.1bn (USD6.5bn). These flows were generated from a globally diversified client base with the Americas, Africa and Europe client groups contributing significantly to the growth of the past year. The three months to 31 March 2013 was the 18th consecutive quarter of positive net inflows.
“As in the past, we have continued to invest in our investment, client service and operational capabilities. Our long-term objective remains the same: to manage clients’ investments to the highest standard possible by exceeding their investment and client service expectations.”
Chief executive officer Hendrik du Toit says: “Along with my many colleagues who have experienced the development of the business since the inception years, I am delighted to report that our 22nd year ended with positive business momentum, giving us confidence for the future. Our culture is well established, our staff complement is stable and experienced and our investment performance competitive. To support the ongoing sustainability of our firm, we have announced that a management consortium agreed terms to purchase 15 per cent of the business from Investec Plc and Investec Ltd. This will encourage long-term thinking and improve the alignment of stakeholder interests.
“As in the past, we have continued to invest in our investment, client service and operational capabilities. Our long-term objective remains the same: to manage clients’ investments to the highest standard possible by exceeding their investment and client service expectations.”