- Alpha proved unpopular for investors
- Management action to cut costs
A difficult set of results had long been telegraphed by Ninety One (N91), the Anglo-South African asset manager. A combination of falling asset prices and low investor confidence took its toll on assets under management, which were 10 per cent lower in these results at £129bn due to net outflows of £10.6bn – worse than most analysts had pencilled in. When combined with a lowered dividend payout, it is no surprise that the share price has gone sideways, with no concrete signs that the situation will change imminently.