Investec Asset Management, the dual-listed South African and UK firm, has posted an operating profit of £19.4m (€27.2m) before exceptional items in its annual results, down 6.8% in sterling terms and up 4% in rand terms from the previous year.

Assets under management increased by 3.4% in sterling terms to £16.8bn, but declined by 20% in rand terms to R210.6bn.