Picture: 123RF/PHONGPHAN
Picture: 123RF/PHONGPHAN

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.

The loss of a few large institutional mandates, relating to past performance, and a cautious investor approach contributed to this result, Ninety One said.

Fixed-income inflows amounted to £1.35bn, while equities saw outflows of £1.32bn.

Multi-assets — referring to a combination of asset types, such as cash and equities — saw outflows of £516m.

“In the face of challenging operating conditions, the people of Ninety One remained focused on what really matters: serving and supporting our clients in these unprecedented times,” CEO Hendrik du Toit said.

“We believe in the considerable long-term opportunity for Ninety One to grow organically. Our strategy is clear and our focus remains on execution,” Du Toit said.

In morning trade on Tuesday Ninety One’s share was up 0.42% to R45.11, having risen 37.11% so far in 2020.


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