Ninety One's assets up 27 per cent but outflows persist

Ninety One's assets up 27 per cent but outflows persist

Ninety One has seen its assets under management jump 27 per cent in the year to the end of March despite seeing £200m in net outflows.

The former asset management arm of Investec, which demerged from the firm and rebranded last spring, posted AUM of £131bn in March. 

Pre-tax profit increased 3 per cent to £204m, and adjusted operating profit rose 9 per cent to £206m.

However, the firm saw outflows of £200m, down from inflows of £6bn the same period last year.

Hendrik du Toit, chief executive of Ninety One, said he was ‘disappointed’ by the outflows.

He said: “For us, the 2021 financial year turned out better than we expected at the outset. 

“The year was characterised by a resurgence in investment performance at Ninety One due to the discipline and professionalism of our investment teams. 

“Flow momentum has improved in the second half and we enter the new financial year with a strong pipeline. Nevertheless, we are disappointed that we have not achieved net inflows over the full reporting period.”

However, the figure was an improvement on the £300m in outflows reported for the six months to September 30 last year. At the time, du Toit blamed the “risk-off” approach taken by advised clients.

The group will pay a final dividend of 6.7p per share, nudging the full year dividend up to 12.6p per share.