JOHANNESBURG - Investec said it expected its Asset Management and Wealth & Investment divisions to report improved results for the year to end March, as compared to last year.
The group said both divisions had benefited from higher levels of average funds under management, and strong inflows.
The expected improvement was a result of the recently improved outlook in both its key geographies over the past year. “Brexit and political uncertainty has continued to impact corporate and consumer confidence in the UK and in South Africa. Alongside this, the South African stock market has performed well over the year, while the UK stock market remained relatively flat over the period,” the group said.
The other divisions are expected to show mixed fortunes, with specialist banking business expected to report results behind the prior year, and the South African specialist banking business expected to report results ahead of the prior year, while the UK specialist banking business is expected to report results well behind the prior year. Investec results are expected to be released on May 17.
- BUSINESS REPORT