Investec assets hit £59bn after record inflows

Investec Asset Management has reported record inflows for the year to end of March 2011, taking assets under management to a new high of £59bn.

The group, which runs a number of high profile funds in the UK including Alastair Mundy's £1.8bn Cautious Managed fund, said it had seen record net inflows of £7.4bn in the year to end of March. Meanwhile operating profit before tax climbed 53% to £127m. The group said the inflows combined with a "solid investment performance" sent assets under management up 26.7% from £46.4bn last year. Chief executive Hendrik du Toit said: "We are positive about the opportunities available for our business in what continues to be a challenging market." Investec, which earlier this year took ov...