Investec Wealth profit jumps 35% in H1

Investec's Wealth & Investment saw operating profit leap 35% in the six months to 30 September after enjoying £400m in net flows.

Operating profit rose from £22.9m a year ago to £30.8m for the same period this year, driven by higher average funds under management (FUM), net inflows and improved operating margins. Operating profit for the 'UK and other' segment of Investec Wealth & Investment rose by 45%, up from £14.2m to £20.7m. Total FUM stood at £40bn, down from £40.4bn as at 31 March, as the wider group fought to offset the impact of a 16% fall in the South African rand against sterling over the period. Asset management profits also increased by 6.8% to £71.9m, with net inflows standing at £1.4bn. FUM fel...