Asset manager Ninety One was hit by £9.4bn in outflows in the year to March 31, as clients delayed allocations to risk assets.
The outflows, an 11 per cent decrease compared with the previous year, were concentrated in the group’s global equities strategies, though its fixed income and multi-asset strategies also saw redemptions.
Assets under management dropped 3 per cent in the year to £126bn, though pre-tax profit rose 2 per cent to £217mn.
“Ninety One, and many other public-markets-centric active investment managers, faced headwinds over the reporting period,” said Hendrik du Toit, chief executive.
“Despite short-term challenges, our attention is firmly fixed on the compelling long-term opportunity.”
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