Investec’s asset and wealth and investment management units were bright spots for the firm during the six months to the end of September, a period in which South African group was hit by a weak Rand and lower profits in specialist banking.

Profits in asset management rose 7% year-on-year to £71.9 million, while wealth and investment profits rose 35% to £30.8 million. Meanwhile, specialist banking profits fell 13% year-on-year to £120 million in the six months to the end of September.