Investec increased operating profit in its asset management business by 3.6 per cent to £149m in the year to March 31 2015, citing higher than average funds under management and net inflows of £3.1bn.
Stephen Koseff, chief executive of Investec, claimed the group was “in the best position it has been since the mid-2000s”.
Investec wealth and investment saw operating profit climb by 19.2 per cent to £78.8m, up from £66.1m a year earlier, following net inflows of £2.7bn.
Total funds under management in its wealth and investment arm amounted to £46.1bn by the year end.
In its full year results, Investec said the division in the UK had benefited from investment in its platforms and by taking on additional investment managers.
Mr Koseff added: “We have delivered on all the strategic initiatives set out in 2013 and can now focus on growing our three core businesses, asset management, wealth & investment and specialist banking.”
The company’s ongoing operating profit was up 15 per cent during the year to £580.7m, up from £504.9m in the previous year, although it pointed out this was an increase of 22.6 per cent on a currency neutral basis.
It confirmed that group net inflows were in excess of £5.8bn for the year.
Bernard Kantor, managing director of Investec said: “”The ongoing results reflect a very satisfactory year. The performance of wealth and investment and asset management continues to reflect the quality of the businesses.
“Specialist banking in South Africa had an excellent year while in London, the corporate business is performing well and the private bank has dealt with the over-riding majority of its legacy issues.”
