Fani Titi (pictured), CEO of Investec.
In its results today (16 November), the firm said that adjusted operating profits had jumped to £441m, up from £397m in September 2022.
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This has largely come from a surge in profits from its UK arm, Investec plc, which saw a 41.4% jump in profits, now comprising a majority of the firm's income.
Meanwhile, Investec Limited, the firm's Southern African arm, saw profits fall 10.7%, from £230m to £206m.
This was partially due to trends in its specialist banking division, where its Southern African arm saw profits fall 3% to £197m while the UK's profits surged 61.2% to £207m.
However, Investec noted the average rand/pound sterling exchange rate depreciated by approximately 18.6% over the last year, «resulting in a significant difference between reported and neutral currency performance».
Rathbones' merger with IW&I completed in September, creating one of the largest discretionary wealth managers in the UK. Investec now owns a 41.3% stake in the firm.
In its annual results last month, Rathbones revealed that its inflows had fallen from £400m to £100m, with total funds under management and administration for the group, excluding Investec W&I, saw a decline.
Meanwhile, IW&I's Southern African wealth and management business has seen funds under management increase moderately over the last six months, from £19.8bn to £20.2bn.
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Fani Titi, group chief executive, said: «The group has delivered strong results against a difficult macroeconomic backdrop which was characterised by high inflation, elevated global interest rates and persistent market volatility.
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