The asset management and wealth, and investment businesses at Investec witnessed a 4% fall in assets under management in the three months to June 30, 2013 to £105.8 billion, compared to the first quarter.

Movements in the South African rand inflated the difference, however, as AUM actually only fell 1% on a currency-neutral basis due to market movements. During the period GBP/ZAR fluctuated between 13.6581 and 15.8556.