- Investment manager Ninety One, which was recently spun out of South African investment bank Investc, posted an 11% rise in annual profit after it welcomed fresh inflows into its funds.

Pre-tax profit for the year through March increased to £198.5m, up from £178.4m on-year.

Net inflows amounted to £6.0n, in line with the previous year.

Assets under management fell 7% to £103.4bn.

Ninety One had paid its final dividends prior to the Investec demerger.

'The Ninety One board of directors recommended no further ordinary or special dividends for the 2020 financial year,' it said on Wednesday.

'Looking ahead, Ninety One expects to target an ordinary dividend payout ratio of at least 50% of its profit after tax.'

'We will consider paying a special dividend, which will comprise surplus retained earnings not needed for regulatory or specific investment needs, as well as a reasonable buffer as agreed with our board of directors.'

Story provided by