Pre-tax profits at Investec Asset Management grew almost 15% to £68.1m (€100m) for the year to the end of March, despite a 5.6% drop in assets following a shift of funds by a large South African client to another firm.

Profit growth was strongest in the UK and international business, which accounted for about one quarter of pre-tax profits at £17.6m, up 65.5% on the same period last year.