The co-chief executive of Investec has said things in the group's wealth management business are not as grim as its headline figures indicate.

Fani Titi, co-chief executive of Investec Group along with Henrik du Toit, briefed media and analysts on the firm’s results for the year to 31 March this morning (16 May).

Investec Wealth & Investment posted a year-on-year adjusted operating profit decrease of 16.2 percent, to £82.6 million.

But Mr Titi said excluding one-off items, the wealth business grew ...