Stephen Cranston Associate editor

No-one would have made a quick buck (other than short sellers) out of Ninety One’s split from the Investec Group and listing on March 16.

Ninety One’s R32 share price was well below the indicative price in the prospectus. Its revenue is correlated directly to international equity markets, but more than half of its assets (£60bn) are in either fixed interest, balanced funds (inevitably referred to by its marketers as “solutions”) and alternative assets such as infrastructure.

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