(Reuters) – London-listed asset manager Ninety One reported record annual earnings on Wednesday, but said business conditions were expected to remain challenging in the wake of high inflation and the Russia-Ukraine conflict.
“The spectre of inflation and rising interest rates in a world of supply chain disruption and increased political uncertainty speaks to volatile markets and a diminished risk appetite among end investors,” Ninety One Chief Executive Officer Hendrik du Toit said in a statement.
The Anglo-South African company’s profit before tax rose to 267.1 million pounds ($332.46 million) for the year ended March 31, from 204.1 million pounds a year earlier.
($1 = 0.8034 pounds)
Asset manager Ninety One warns on inflation after record profit