- Investec reported a fall in profit despite growing assets under management as weaknesses in its wealth management arm and UK banking business stifled growth.

The wealth manager said it expected to conclude the demerger of its asset management business in the second half of the year.

For the six months ending 30 September 2019, adjusted operating profit fell 1.7% to £373.6m on-year while assets under management increased by 6.3% thanks to net inflows of £3.2bn.

Return on equity (ROE) fell to 13.1% from 14.2%.

Its South African specialist bank's adjusted operating profit increased by 6.7%, but fell 18.9% in the UK amid lower investment banking fees.

Its wealth & investment division saw adjusted operating profit fall 10.8% following an increase in technology spend and higher-than-expected regulatory levies in the UK.

The group declared an unchanged interim dividend of 11.0p per share.

At 8:38am: [LON:INVP] Investec PLC share price was -10.5p at 422.5p

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