Investec Asset Management is now generating nearly 20% of the operating profits being racked up by its South African investment banking owner, following a 69% surge in profits at its interim stage.

In the half year to September, the operating profits at the funds business rose to £48.9m, equivalent to 19.3% of the group total. Its return on equity is an impressive 59.7%. Its cost-to-income ratio is 65.9%.