Investec sells its Rensburg funds division


first_img Show Comments ▼ Tags: NULL KCS-content whatsapp Investec sells its Rensburg funds division INVESTEC, South Africa’s fifth-largest bank, is selling Rensburg Fund Management (RFM) for £45m, it said yesterday as it unveiled a six per cent hike in underlying operating profit. Franklin Templeton has entered into a conditional agreement to acquire RFM from Investec, which manages about £880m in UK equities, and is a small part of Rensburg Sheppards, which was bought earlier in the year by Investec.RFM chief executive Alex Brotherstone said the deal would give the firm’s fund managers global distribution opportunities. But he was unable to give details of his own future: “I’m keen to stay around and will work very closely with Jamie to see how we can expand. At the moment I remain joint chief executive until the group is integrated”.Meanwhile, Investec said operating profit totalled £228.15m in the six months to 30 September, up 5.6 per cent from £215.9m a year earlier. Excluding a £46m profit made in the same period last year on the repurchase of debt, profits were 34 per cent higher. It added net interest income totalled £321.17m, compared with £297.36m a year earlier. Meanwhile, bad debt charges totalled £122.85m, compared with £134.29n a year earlier.The investment bank and asset manager said the regulatory environment remained challenging, but activity levels were starting to improve. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comcenter_img whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Thursday 18 November 2010 8:04 pm Share last_img

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