Ninety One Asset Management, which was spun out of Investec ahead of listing in Johannesburg and London, has seen its first net outflows since 2017, amid investor caution and decreased interest in equities.

Net outflows amounted to £332m (R6.7bn) in the group’s six months to end-September, though assets under management increased 15% to £119bn over the period. This is the first half-yearly outflow for the company since the six months to end-March 2017...

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