Ninety One, SA’s largest asset manager that was spun out of Investec, has experienced clients pulling money on a net basis for the first time in more than three years as international investors continue to favour high-growth tech stocks over more conservative value-based investment strategies.

The company, which has a primary listing in London and is also listed on the JSE, suffered net outflows of £300m (R6.1bn) in the six months to end-September, the first half-yearly net outflows since the second half of 2017. These were due to the loss of several large institutional equity mandates, mostly in North and South America, and compared with net inflows of £3.2bn in the corresponding period in 2019...

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