![](https://tracker.live.rns-distribution.com/track.live-rns/4912480_75d1671758db0ed18eba2dbba83793b2.png)
Investec Limited JSE hybrid code: INPR JSE debt code: INLV NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70 | Investec plc JSE share code: INP LEI: 2138007Z3U5GWDN3MY22 |
|
|
Erratum in funds under management (FUM) disclosed in the Group pre-close trading update
26 September 2023
In the trading update released on Friday, 22 September 2023, the UK Wealth & Investment FUM as at 31 August 2023, was erroneously disclosed as £42 293 million instead of £40 293 million. Accordingly, the Group FUM decreased by 2.0% since 31 March 2023 to £59 357 million not the previously disclosed increase of 1.3%. The net inflows numbers and associated commentary were accurately reported.
The following announcement commentary regarding FUM performance is updated as follows, and is substantially unchanged, saved for the change described above.
· The Wealth & Investment business funds under management (FUM) decreased by 2.0% to £59.4 billion, an increase of 0.6% in neutral currency. The positive net inflows of £325 million from discretionary FUM reflect the uncertain economic backdrop which is characterised by the cost of living crisis and higher interest rates which negatively impacted discretionary inflows from our UK business. In the Southern African business, net discretionary inflows of R7.5 billion were partly offset by net outflows of R1.9 billion in non-discretionary FUM.
For further information please contact:
Investec Investor Relations
General enquiries: investorrelations@investec.co.za
Results:
Qaqambile Dwayi
SA Tel: +27 (0)83 457 2134
Brunswick (SA PR advisers)
Graeme Coetzee Tel: +27 (0)63 685 6053
Lansons (UK PR advisers)
Tom Baldock Tel: +44 (0)78 6010 1715
Key income drivers
Updated Funds under Management |
|
| | |
£'m | 31-Aug-23 | 31-Mar-23 | % change | Neutral currency |
Total Wealth & Investment FUM | 59,357 | 60,577 | (2.0%) | 0.6% |
|
|
|
|
|
UK and Other | 40,293 | 40,747 | (1.1%) | (1.1%) |
Discretionary | 34,860 | 35,291 | (1.2%) | (1.2%) |
Non-discretionary | 5,433 | 5,456 | (0.4%) | (0.4%) |
Southern Africa | 19,064 | 19,830 | (3.9%) | 4.2% |
Discretionary and annuity | 10,638 | 10,704 | (0.6%) | 8.2% |
Non-discretionary | 8,426 | 9,126 | (7.7%) | (0.4%) |
|
|
|
|
|
Specialist Bank | - | 382 | (100%) | (100%) |
|
|
|
|
|
Total FUM | 59,357 | 60,959 | (2.6%) | (0.0%) |
About Investec
Investec Group (comprising Investec plc and Investec Limited) partners with private, institutional, and corporate clients, offering private banking, wealth management, corporate and investment banking, and investment services in two principal markets, South Africa and the UK, as well as certain other countries. The Group was established in 1974 and currently has approximately 8,700 employees.
In 2002, Investec implemented a dual listed company structure with listings on the Johannesburg and London Stock Exchanges.
Johannesburg and London
JSE Equity Sponsor: Investec Bank Limited
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.