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UPDATE: Investec corrects funds under management to show decline

26th Sep 2023 14:10

(Alliance News) - Investec PLC and Ltd on Monday issued a correction to its recent trading statement, saying that funds under management were GBP2 billion less than first reported.

The Sandton, Johannesburg-based financial services firm on Friday last week had said group funds under management in the Wealth & Investment business was GBP61.36 billion as of August 31, up 1.3% from March 31. On Monday, it corrected that figure to GBP59.36 billion, down 2.0% from March.

This was due to FUM in UK W&I being corrected to GBP40.29 billion from the GBP42.29 billion previously reported. The revised UK result was down 1.1% from GBP40.75 billion on March 31.

Making up the rest of Investec W&I FUM is the Southern Africa region, where FUM fell by 3.9% to GBP19.06 billion at the end of August from GBP19.83 billion at the end of March. FUM in Southern Africa was up 4.2% at neutral currency rates, however.

Investec had positive net inflows of GBP325 million from discretionary FUM in the recent five months, which it said reflected the uncertain economic backdrop and higher interest rates.

Investec and Rathbones Group PLC earlier last week completed the all-share combination with Investec's UK Wealth & Investment business with Rathbones, creating the "UK's leading discretionary wealth manager" and giving Investec a 41% stake in Rathbones.

Investec shares were down 0.7% at 484.90 pence each on Tuesday afternoon in London. They were up 0.1% at ZAR110.24 each in Johannesburg.

By Tom Waite, Alliance News editor

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