- This was a year of meaningful progress in the strategic positioning of Ninety One as an independent, focused investment manager with significant employee ownership. We executed a demerger and listing, with an exciting new brand.
- We delivered net inflows of £6.0 billion, in line with the prior year, representing a torque ratio of 5.4%.
- Assets under management reduced 7% to £103.4 billion.
- Profit before tax increased 11% to £198.5 million.
- Basic earnings per share increased 11% and adjusted earnings per share increased 10%.
- Short-term investment performance was negatively affected by the extreme market correction in March 2020.
- Employees now own more than 21% of Ninety One, which leaves us even better aligned with our clients and shareholders.
- In response to the COVID-19 pandemic, we prioritised the wellbeing of our people and did not furlough or make redundant any of our staff. We contributed £2.9 million to relief efforts.
|Full year 2020||Full year 2019||Change
|Assets under management (£’bn)||103.4||111.4||(7)|
|Net flows (£’bn)||6.0||6.1||(1)|
|Net revenue (£’m)||609.9||556.9||10|
|Adjusted operating revenue (£’m)||588.0||540.6||9|
|Adjusted operating margin||32.3%||31.9%||n.m.|
|Profit before tax (£’m)||198.5||178.4||11|
|Basic earnings per share (p)||16.8||15.1||11|
|Headline earnings per share (p)||16.8||15.0||12|
per share (p)
Hendrik du Toit, Founder and Chief Executive Officer, commented: “Last year was a momentous year for Ninety One. We ended our twenty-ninth year in business with record earnings, a quality client base from across the world, highly motivated people and an experienced leadership team, but were challenged by the consequences of the COVID-19 pandemic.
During the last month of the 2020 financial year, we successfully demerged from Investec, listed on the London and Johannesburg Stock Exchanges, and rebranded as Ninety One.
Significantly, all staff are now shareholders and the people who work in the firm collectively own more than 21% of the equity of Ninety One. This was a pivotal period in the evolution of our business. While these developments support our proposition as an independent investment manager with significant employee ownership, it is important to emphasise the stability of our staff and the continuity our long-term strategy, which underpin the success of our business.
These developments took place in the face of extreme market volatility and weakened economic prospects, which we expect to endure for some time. The resilience of our people and technology enabled us to provide all our clients with uninterrupted service and intensified engagement. We successfully facilitated remote working for our staff to ensure their wellbeing just days after the demerger and listing. Ninety One is committed to doing its best for all stakeholders in the ongoing battle against this pandemic and its devastating economic consequences. We will do this by remaining focused on our clients and the investments we make on their behalf. We will engage and support the companies we invest in, care for our people and contribute to the societies we serve.”