Investec's wealth & investment arm has posted an operating profit of £43.2m for the first half ended 30 September 2016, an increase of 14.1% compared to £37.9m a year ago.

The unit's total funds under management stood at £51.3m, compared to £45.5 at the end of March 2016.

During the period, the unit saw net inflows of £0.7bn, the company said in its earning statement.

Operating profit of the company’s asset management arm increased by 16.6% to £82.3m from £70.6m in the year ago period.

The asset management business, according to the company, benefited from higher average funds under management supported by a recovery in equity markets and net inflows of £1.1bn; as well as higher performance fees in South Africa.

The units total funds under management stood at £89.8bn compared with £75.7bn as at 31 March 2016.

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By GlobalData

Overall, the group’s  operating profit decreased 0.2% to £314.5m from £315m in the first half of last year.

The combined South African businesses reported operating profit 0.5% behind the prior period (in Rands), whilst the combined UK and Other businesses posted a 1.3% increase in operating profit in Pounds Sterling.

Commenting on the performance, Investec CEO Stephen Koseff said: "These results show the long term strength and diversity of our business, delivering sustainable recurring client-driven income streams amidst high levels of macro uncertainty. We are pleased with the growth in net interest income and fees and commissions, as well as good fund management inflows. We continue to invest with confidence in our business to build even stronger franchises."