Investec sees AUM soar on record inflows

Investec's global asset management business expects to see assets jump 22% year on year after record inflows into the business during 2010/11.

The group says in its pre-close trading update total assets under management are expected to have climbed to £56.6bn within the asset management division, up 22%, over the year to the end of March. This has been driven by record net flows of more than £6.5bn, the group says. The UK numbers are expected to outperform that trend. Retail assets under management in the UK have already jumped sharply from £6bn last April to £9bn by the end of December 2010, according to IMA figures. Investec has seen strong inflows into a range of products including Alastair Mundy's Cautious Managed fun...