Investec third party asset hits GBP151.2 billion

Stephen Koseff

Things are looking good for Investec, one of Africa’s largest financial services group.

The group has hinted the markets that its third party asset management under management rose by 23% year on year to GBP151.2 billion.

Investec said it is expecting a higher full-year revenue and operating profit as a recovery in equity markets boosted the company’s asset management and wealth and investment units.

The company said in a cautionary statement earlier today that “The UK economy has been performing better than initially expected, however the possibility of a hard Brexit continues to create uncertainty and could impact overall levels of economic growth”.

As regards allegations that it colluded with some other banks to rig trading in the Rand, the company said it has not received relevant information on the precise allegations against it.

It would be recalled that Standard Bank, another South African financial services group also admitted it is being investigated for the same allegations.

The company’s shares rose about 0.7 percent to trade at its highest price since July 2015. Over half of its 30-day average volumes were traded by 1038 GMT on the London Stock Exchange.

Investec disclosed that it is expecting its capital ratios – the percentage of a bank’s capital to risk-weighted assets – to be within the group’s target total capital adequacy range, for the year to March 31 for both Investec Plc and Investec Ltd.

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