The profit slide at specialist bank and wealth manager Investec isn't as grim as it seems. Adjust for last year's £73.5m accounting-related gain, from buying the portion of Rensburg Sheppards not already owned, and group operating profit was roughly flat.
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Still, and even though the capital markets unit saw profits rise by 16.6 per cent to £155.6m, Investec is feeling the impact of market volatility. Profits at the investment banking operation slumped 91 per cent from £42.5m to £3.7m as sliding equity markets struck the listed investment portfolio. And losses in the private banking arm widened by £1m to £4.9m, reflecting its troubled property portfolio – now in rundown.