Investec asset management profits up 16.6%

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Investec’s asset management business has seen profits up 16.6 per cent on £1.8bn inflows and a recovery in the equity markets.

However, the parent group saw operating profits down 0.2 per cent to £314.5m.

Operating profits for the unit were £82.3m compared to £70.6m for the same period in 2015.

Funds under management reached £89.8bn compared to £75.7bn at the start of the six-month period.

The wealth and investment business saw funds under management increase to £51.3bn compared to £45.5bn at the start of the period.

Its operating profit increased 14.1 per cent to £43.2m compared to £37.9m for the same period in 2015.