Against a backdrop of macroeconomic and political tumult in South Africa and referendum-induced uncertainty in the UK, Investec (INVP) is holding up well. Profit was helped by increasing assets under management, as well as an 11 per cent appreciation of the rand against sterling during the 12 months to March. However, even without positive currency translations, operating profit was up 4 per cent on 2016 to £664m.
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