Business

South Africa’s private asset king hits R3.4 trillion milestone

Luke Fraser

 ·17 Nov 2025

Ninety One, South Africa’s largest private asset manager, has reached over R3.4 trillion in assets under management. 

In the six months ending 30 September 2025, the group noted a marked period of improving momentum for Ninety One. 

Market conditions were generally favourable, underpinned by strong equity performance and renewed investor interest in emerging markets. 

Although volatility persisted and geopolitical risks remain elevated, the environment has become more supportive for active investment managers. 

Although the environment remains competitive, the group’s assets under management increased to £152.1 billion (R3.4 trillion at current exchange rates), the highest number ever reported by Ninety One.

The outcome was driven by positive net flows across most asset classes, substantial net inflows into equities and a recovery in fixed income. 

Net flows have improved steadily over the last six months, and the majority of our client groups have contributed towards this. 

“Over this reporting period, business conditions have continued to improve,” said Hendrik du Toit, CEO of Ninety One. 

“The combination of strong markets, competitive investment returns, net inflows, and ongoing cost control has delivered healthy earnings growth.” 

Du Toit noted that there is already evidence of a demand recovery for emerging markets and differentiated active investment management.

The group is also pleased to finalise a partnership with Sanlam’s investment division, with the UK transaction completed in June 2025. 

The South African part of this transaction will be finalised later in the financial year. 

Of the £4.3 billion (R96.78) in net inflows, £1.9 billion (R43 billion) related to the Sanlam UK take-on in June. 

Looking ahead, it said merging markets are back on the radar of most major asset owners, with active investment management regaining relevance

“Having weathered the challenges of recent years, we see renewed opportunity for growth and remain firmly focused on building the active investment manager of the future.” 

Financials 

When it comes to financials, Ninety One saw its profit before tax rise by a massive 10% to £102.2 million (R2.3 billion).

Basic and headline earnings per share were also increased by 14% to 8.9 pence per share (R199.91)

After taking a break in September 2024, Ninety One also declared an interim dividend of 6.0 pence per share (R1.35)