Investec hurt by rand’s fall

Marion Dakers
BANKING group Investec said yesterday it is trading in line with last year, though the falling South African rand has hampered its progress.

The firm said its operations in South Africa were doing well on a constant currency basis – but the 17 per cent fall of the rand over the last year has impacted the results when converted into sterling.

The group recorded net inflows of £1.6bn since March, taking third part assets under management to £96.6bn – though currency changes mean this figure is flat on last year.