South Africa-based asset manager Ninety One, formerly known as Investec Asset Management, has released its results for the 12 months ending 31 March and the firm described it as a ‘strong performance in a challenging year’.

Assets under management increased 27 percent to £130.9 billion on a year-on-year basis despite outflows of £200 million. This suggests favourable market conditions which looking at the relief rally following last year’s sell-off is most probably the case.

Ninety One scored well across all the major results metrics, with pre-tax profits up 3 percent to £204.1 million and adjusted operating profit increasing by 9 percent to £204.1 million, both on a year-on-year basis.

The firm has also signalled a final dividend of 6.7p per share which would result in a full year dividend of 12.6p per share.

Hendrik du Toit, Founder and Chief Executive Officer, said: “We thank our clients for their support during this challenging year and over the thirty years that we have been in business. We congratulate our people for their sterling efforts in challenging conditions. Their hard work and the support of our clients have allowed us to report record AUM and profits. Without the support of our broad stakeholder base and our shareholders in particular, this would not have been possible.”