Ninety One Reports 19% AUM Rise

Ninety One (LON: N91), the global investment manager, announced interim results for the six months ending September 30, 2025, showcasing a robust increase in assets under management (AUM).

However, a closer look reveals a mixed picture of growth and challenges.

The headline figure is a 19% jump in closing AUM to £152.1 billion compared to the previous year. This growth was fueled, in part, by the acquisition of Sanlam UK assets, contributing £1.9 billion to the overall net inflows.

Headline Numbers:

• Assets Under Management: £152.1 billion (up 19% year-on-year)
• Net Flows: £4.3 billion (compared to outflows of £5.3 billion in the prior year)
• Adjusted Operating Profit: £98.8 million (up 12% year-on-year)

The company's adjusted operating profit also saw a healthy increase of 12%, reaching £98.8 million, translating to an improved adjusted operating profit margin of 32.1%. This indicates enhanced efficiency and profitability in Ninety One's core operations.

Adjusted earnings per share rose by 15% to 8.4p, and the interim dividend per share increased by 11% to 6.0p, rewarding shareholders.

Despite the positive AUM growth, the net inflow figure of £4.3 billion warrants closer examination. While positive, it's important to note that £1.9 billion of this is attributable to the Sanlam UK take-on.

This suggests that organic net inflows, excluding the acquisition, were lower. Compared to outflows of £5.3 billion in the prior year, this represents a significant turnaround, yet it also highlights the continued challenges in attracting and retaining assets organically.

Driver Breakdown:

• Acquisition Impact: The Sanlam UK acquisition significantly boosted AUM and net inflows.
• Market Performance: Strong market performance contributed to the increase in AUM.
• Cost Control: Ongoing cost control measures supported the improvement in profitability.

CEO Hendrik du Toit commented, “Over this reporting period business conditions have continued to improve. The combination of strong markets, competitive investment returns, net inflows and ongoing cost control has delivered healthy earnings growth.”

Ninety One is actively investing in both its existing business and new growth opportunities, including its technology platform. The successful integration of Sanlam UK and the anticipation of the South African transaction further solidify the company's strategic direction.

With staff shareholding increased to 32.7%, this aligns employee interests with the company's performance, fostering a culture of ownership and accountability.