Ninety One saw net inflows to its funds soar to £5bn in the year to March 31, despite a "deterioration" in market and business conditions.
The asset manager confirmed the flows in its full year results this morning (May 18), a rise from the £200mn in outflows seen the previous year.
Hendrik du Toit, chief executive officer, said while good momentum characterised most of the year, the business and market conditions did deteriorate towards the end of the reporting period.
“The change was notable and we expect these challenging conditions to remain,” he said.
Du Toit added that the "spectre" of inflation and rising interest rates in a world of supply chain disruption and heightened political uncertainty speaks to volatile markets and a diminished appetite for risk among end investors.
“At Ninety One, we nevertheless see substantial long term growth opportunities in the markets we serve,” he added.
The fund house saw the biggest turnaround in its equities funds, which posted net inflows of £1.6bn, compared with net outflows of £3.2bn for the previous year.
Alternatives saw net inflows of £284mn, compared with outflows of £153mn last year, and multi-asset saw net investment of £215mn, compared with outflows of £674bn last year.
Fixed income saw a drop in flows to fixed income products, with net inflows of £2.4bn, compared with £3.6bn last year.
The company, which is the former asset management arm of Investec, saw its overall AUM grow 10 per cent, to £144bn, with pre-tax profit rising 31 per cent to £267mn.
sally.hickey@ft.com
