Investec’s wealth & investment division has reported an operating profit of £98.6m for the year ended 31 March 2018, a rise of 6% compared to £93.2m a year ago.

The unit’s funds under management totalled £56bn at the end of March 2018, up 2% from £54.8bn in the previous year. The business recorded net inflows of £2bn during the year.

The asset management arm of Investec posted an operating profit of £178m for the year ended 31 March 2018, an increase of 8% from £164.8m last year. Total funds under management at the unit increased 9% year-on-year to £103.9bn.

Overall, the group’s annual ongoing operating profit stood at £701m, a 5% rise from £663.7m last year.

Investec CEO Stephen Koseff said: “Operating performance during the year was underpinned by sound growth in loans and funds under management and a solid recurring income base, despite a challenging backdrop in South Africa and the UK.

“The Wealth & Investment and Asset Management businesses generated substantial net inflows, with Asset Management exceeding £100bn of funds under management for the first time.”

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