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Investec reports profits of £229.4m for first half

Investec made a pre-tax operating profit of £229.4m during the first six months of the year, up 2.6 per cent from £223.6m in the first half of 2011.

The group saw net inflows of £2.1bn in its asset and wealth management business, which generated 39.3 per cent of the group’s operating profits.

The asset management business saw operating profit rise 2.5 per cent to £67.2m, compared to £65.6m last year, fuelled by net inflows of £1.5bn, with total funds under management reported at £62.4bn.

Investec’s wealth and investment arm saw operating profits rise 4.9 per cent to £22.9m, compared with £21.8m for the first half of last year. According to Investec, the business was boosted by higher average funds under management, with net inflows of £600m.

Chief executive Stephen Koseff says: “We have a strong franchise which is well recognised in all our markets, our business is flexible and resilient and we have a good record of overcoming the challenges presented by the global economic environment.”

AWD Chase de Vere head of communications Patrick Connolly says: “We generally use the Cautious Managed, UK Special Situations and UK Smaller Companies funds.

“All are best in breed, or very close to it, although they are not the areas attracting large sums of money in recent years.”

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