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Highlights

  • N91’s assets under management rose 4%YoY to GBP 130.8 billion as of 31 March 2025
  • Net outflows narrowed to GBP 4.9 billion, with second-half recovery to GBP 0.4 billion net inflow
  • Final dividend of 6.8 pence per share declared by N91, payable on 7 August 2025

Ninety One plc (LSE:N91), a global asset manager, reported its financial results for the year ended 31 March 2025, highlighting a recovery in net flows and a 4%YoY increase in assets under management (AUM) to GBP 130.8 billion. This increase was primarily driven by favourable market performance and foreign exchange movements amounting to GBP 9.7 billion, which offset net outflows of GBP 4.9 billion recorded during the year.

The firm experienced a notable improvement in flow momentum during the second half of the year. While net outflows totalled GBP 5.3 billion in the first half, the second half saw a turnaround with GBP 0.4 billion in net inflows. This shift was supported by increased gross inflows and reduced redemptions across various strategies.

Equity strategies accounted for most of the net outflows, particularly within global and sustainable mandates. Fixed income also saw outflows, mainly from emerging market local currency and blended strategies. However, both equities and fixed income turned positive in the second half. Alternative credit strategies and the fund platform reported consistent net inflows throughout the year.

Regionally, the UK client group experienced outflows driven by portfolio rebalancing among large clients. The Americas saw outflows due to client restructurings, though institutional flows from Latin America returned to positive territory. Net flows in Europe, Asia Pacific, and Africa improved in the latter half of the year, aided by interest in global, European, and Asian equities, as well as multi-asset and alternatives.

The institutional channel saw outflows in fixed income and multi-asset strategies, while advisor-related redemptions were mainly in equity and multi-asset products. Nevertheless, the institutional segment recorded a significant improvement in the second half.

Ninety One’s short- and medium-term investment performance improved, with one-year and three-year outperformance closing at 68% and 59% respectively. Five- and ten-year outperformance stood at 72% and 81%, respectively.

The company declared a final gross dividend of 6.8 pence per share, with payment scheduled for 7 August 2025.

Ninety One continues to progress with its previously announced transaction with Sanlam, which is expected to impact future EPS calculations due to the issuance of new shares.

N91 shares were trading 6.29% higher at GBX 172.40 per share as of 4 June 2025. On a year-to-date basis, the share price has increased by approximately 19.06%.