Hendrik du Toit has witnessed a lot of change during more than 30 years as a fund management chief executive, including the emergence of global behemoths that run trillions of dollars in assets as a result of multiple acquisitions.

Overseeing some £144bn, Ninety One is much nimbler in comparison to some of its larger rivals. But du Toit is more than content with the position his firm occupies as a mid-sized player — a factor he believes makes it just as competitive.