Ninety One CEO Hendrik du Toit says the asset manager is focused on cost containment as it waits for the peak in the global rate hiking cycle.
Gallo / Foto24 / Felix Dlangamandla
Ninety One suffered almost R100 billion in net outflows for its half-year to end-September, with the fund manager cutting its dividend by almost double digits after its clients shied away from risk in a market characterised by war and rising borrowing costs.
“It’s called interest rates,” Ninety One CEO Hendrik du Toit explained to News24, shortly after the group reported £4.3 billion (R97.4 billion) in net outflows that helped drive its assets under management (AUM) 5% lower to £123.1 billion.
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