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Market turmoil, driven by Russia’s war, rising inflation and a sell-off in developed-market equities, hasn’t left Anglo-SA fund manager Ninety One unscathed. Yet despite a less than rosy outlook for upcoming revenue growth (derived from management and performance fees), the company’s expansion plans remain bullish.

“Our top concern is the markets, which are very volatile,” Hendrik du Toit, founder and CEO of Ninety One, tells the FM. “It is difficult to give clients the high alphas [above-market returns] they expect. [And] investors may become more afraid and invest in cash.”..

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