Africa-Press – South-Africa. SA’s largest asset manager, Ninety One, said on Friday assets under management continued to fall by £4.5 billion (about R106 billion) in its first quarter to end-March, down more than 3% from the previous quarter.
The group said in a brief update on Friday that assets under management stood at £124.8 billion (about R2.9 trillion) at the end of June, down more than 7% year-on-year.
The London- and JSE-listed firm suffered record outflows of £10.6 billion to end March, when its dividend and adjusted operating profit fell by more than a tenth.
The group, valued at about R37.5 billion on the JSE, said investors had fled to safe havens during its 2023 year, with investors ditching more liquid assets, such as listed equities, to meet their immediate liabilities amid a sharp rise in global interest rates. An uncertain global economic outlook also unnerved many.
CEO Hendrik du Toit said after the group’s results that April and May had already been “much more stable”, but “the good times” weren’t back yet.
The group’s shares had slipped almost 1% in morning trade on the JSE on Friday, but are still up more than 6% in the year to date.
For More News And Analysis About South-Africa Follow Africa-Press
