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Ninety One, the asset manager spun out of Investec in 2020, reported record assets under management (AUM) in its latest fiscal year despite enduring one of the worst market sell-offs in living memory after Covid-19 roiled markets last year.

The London- and Johannesburg-listed company, which reports its results in pounds, said AUM increased 27% to a record £130.9bn (R2.6-trillion) in the year ended March 31. Though AUM was lifted by buoyant markets, Ninety One still experienced net outflows, largely driven by investors pulling out of equity funds...

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