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Asset manager Ninety One warns on inflation after record profit

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(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

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