Pre Close Trading Statement Correction

Investec PLC

26 September 2023

 

Investec Limited Incorporated in the Republic of South Africa Registration number 1925/002833/06 JSE share code: INL JSE hybrid code: INPR JSE debt code: INLV NSX share code: IVD BSE share code: INVESTEC ISIN: ZAE000081949 LEI: 213800CU7SM6O4UWOZ70

Investec plc Incorporated in England and Wales Registration number 3633621 LSE share code: INVP JSE share code: INP ISIN: GB00B17BBQ50 LEI: 2138007Z3U5GWDN3MY22

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 £42 293 million instead of £40 293 million. Accordingly, the Group FUM decreased by 2.0% since 31 March 2023 to £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 £59.4 billion, an increase of 0.6% in neutral currency. The positive net inflows of £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: [e-mail]

Results:

Qaqambile Dwayi                                                                               

SA Tel: [phone]                                                      

Brunswick (SA PR advisers)

Graeme Coetzee Tel: [phone]

Lansons (UK PR advisers)

Tom Baldock Tel: [phone]

Key income drivers

Updated Funds under Management
£'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

 

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