To view the PDF file, sign up for a MySharenet subscription.

INVESTEC LIMITED - Erratum in funds under management (FUM) disclosed in the Group pre-close trading update

Release Date: 26/09/2023 14:30
Wrap Text

Investec Limited Investec plc Incorporated in the Republic of South Africa Incorporated in England and Wales Registration number 1925/002833/06 Registration number 3633621 JSE share code: INL LSE share code: INVP JSE hybrid code: INPR JSE share code: INP JSE debt code: INLV ISIN: GB00B17BBQ50 NSX share code: IVD LEI: 2138007Z3U5GWDN3MY22 BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70
Erratum in funds under management (FUM) disclosed in the Group pre-close trading update 26 September 2023
In the trading update released on Friday, 22 September 2023, the UK Wealth & Investment FUM as at 31 August 2023, was erroneously disclosed as GBP 42 293 million instead of GBP 40 293 million. Accordingly, the Group FUM decreased by 2.0% since 31 March 2023 to GBP 59 357 million not the previously disclosed increase of 1.3%. The net inflows numbers and associated commentary were accurately reported.
The following announcement commentary regarding FUM performance is updated as follows, and is substantially unchanged, saved for the change described above.
- The Wealth & Investment business funds under management (FUM) decreased by 2.0% to GBP 59.4 billion, an increase of 0.6% in neutral currency. The positive net inflows of GBP 325 million from discretionary FUM reflect the uncertain economic backdrop which is characterised by the cost of living crisis and higher interest rates which negatively impacted discretionary inflows from our UK business. In the Southern African business, net discretionary inflows of R7.5 billion were partly offset by net outflows of R1.9 billion in non-discretionary FUM. For further information please contact: Investec Investor Relations
General enquiries: investorrelations@investec.co.za Results: Qaqambile Dwayi SA Tel: +27 (0)83 457 2134 Brunswick (SA PR advisers) Graeme Coetzee Tel: +27 (0)63 685 6053 Lansons (UK PR advisers) Tom Baldock Tel: +44 (0)78 6010 1715 Key income drivers Updated Funds under Management
GBP'm 31-Aug-23 31-Mar-23 % change Neutral currency % change Total Wealth & Investment FUM 59,357 60,577 (2.0%) 0.6%
UK and Other 40,293 40,747 (1.1%) (1.1%) Discretionary 34,860 35,291 (1.2%) (1.2%) Non-discretionary 5,433 5,456 (0.4%) (0.4%) Southern Africa 19,064 19,830 (3.9%) 4.2% Discretionary and annuity 10,638 10,704 (0.6%) 8.2% Non-discretionary 8,426 9,126 (7.7%) (0.4%)
Specialist Bank - 382 (100%) (100%)
Total FUM 59,357 60,959 (2.6%) (0.0%)
About Investec
Investec Group (comprising Investec plc and Investec Limited) partners with private, institutional, and corporate clients, offering private banking, wealth management, corporate and investment banking, and investment services in two principal markets, South Africa and the UK, as well as certain other countries. The Group was established in 1974 and currently has approximately 8,700 employees.
In 2002, Investec implemented a dual listed company structure with listings on the Johannesburg and London Stock Exchanges. Johannesburg and London JSE Equity Sponsor: Investec Bank Limited Date: 26-09-2023 02:30:00
Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.