Investec burns its fingers in market turmoil

Sharp losses from hedging activities related to popular products within Investec’s UK Specialist Bank will see the group reduce its offering of these instruments over time with a view to completely exiting its exposure to this type of risk.

This emerged on Thursday when Investec announced results for the six months ending September that saw headline earnings per share for the group decline by 45% to 9.2p and return on equity fall from 10.7% to 5.3% over the prior corresponding period...

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