Investec Asset Management, the funds arm of the Anglo South African financial services group, has posted a 64% rise in profits to £59.4m (€87.3m) thanks to favourable markets, strong mutual fund sales and record performance fees from institutional clients.

Assets under management at the division grew 38.1% to £31.7bn, helped by net inflows of £500m to its global equities and specialist products, and £500m to its UK equity and multi-asset teams.