The impact of the completed Sanlam transaction is starting to show in Ninety One’s annual results, but the numbers also point to a recovery in investor demand for the asset manager’s products.
Reporting its results for the year to the end of March 2026, Ninety One said assets under management increased 31% to a record £171.8 billion (about R3.78 trillion), up from £130.8bn (about R2.88 trillion) a year earlier. Adjusted earnings per share rose 12% to 17.4 pence, while the proposed full-year dividend increased 10% to 13.4 pence per share.
The group also returned to positive net inflows, attracting £2.8bn (about R61.6bn) of new client money during the year, compared with net outflows of £4.9bn (about R107.8bn) in the previous financial year.
Founder and chief executive Hendrik du Toit (pictured) said the business emerged from the year in a stronger position, citing a recovery in demand for emerging-market investments and progress in building strategic partnerships.
“Ninety One is a resilient and robust business with positive momentum,” he said. “The demand recovery for emerging markets is visible and our offering competitive. We are in a stronger position than a year ago.”
Money flows back in
The return to positive net flows may be one of the clearest signs that business conditions improved during the year.
Although rising markets and acquisitions can boost assets under management, net flows show whether clients are actively committing new money to an investment manager’s products.
Ninety One recorded net inflows of £2.8bn during the year, reversing the £4.9bn in net outflows reported in 2025. The improvement was driven by inflows into equity and fixed-income strategies, as well as the South African fund platform.
Equities contributed £1.24bn in net inflows, fixed income £1.11bn, and the South African fund platform £1.11bn. Multi-asset strategies remained under pressure, recording net outflows of £1.08bn.
From a geographic perspective, Asia-Pacific was the largest contributor to net inflows, generating £3.64bn, followed by Europe at £966m and the Americas at £775m. Africa and the United Kingdom remained in net outflow territory, recording outflows of £1.09bn and £1.47bn, respectively.
Ninety One said the UK outflows largely reflected portfolio rebalancing by existing clients rather than outright client losses, with most of those investors remaining clients of the firm.
Ninety One attributed the Asia-Pacific inflows primarily to demand for global equities during the first half of the year and gold, natural-resources, and local-currency fixed-income strategies during the second half.
Sanlam deal boosts scale
While improving flows point to stronger underlying momentum, the Sanlam transaction had an even bigger effect on the group’s overall size.
The transfer of assets under the Sanlam transaction added £18.3bn to assets under management during the year. Including the Sanlam take-on, total inflows amounted to £21.1bn, helping lift AUM to a record £171.8bn.
The results provide the first annual view of the completed transaction, which stemmed from a strategic partnership announced in November 2024. At the time, Sanlam appointed Ninety One as its primary active investment manager for single-managed assets as part of a long-term relationship expected to endure for at least 15 years.
The arrangement gave Ninety One preferred access to Sanlam’s distribution network, while Sanlam would acquire a strategic minority stake in the firm through a share issue.
The agreement covered approximately R400bn in assets and included the planned transfer of Sanlam Investment Management’s active asset-management business in South Africa and Sanlam Investments UK’s active asset-management business to Ninety One.
The relationship evolved in March 2025 when the parties signed the operative agreements needed to implement the transaction, effectively signalling Sanlam’s exit from active asset management in South Africa and the UK. The agreements provided for the transfer of the relevant businesses and mandates to Ninety One, while setting out the share arrangements through which Sanlam would acquire its stake in the asset manager.
The transaction was implemented in stages. The UK component was completed in June 2025, while the South African leg was finalised on 2 February 2026 after the necessary regulatory approvals had been obtained.
Once implemented, Sanlam acquired a 12.5% shareholding in Ninety One, cementing Ninety One’s role as Sanlam’s primary active asset manager for single-managed local and global products.
The company noted that the share issue through which Sanlam acquired its 12.5% stake was significant enough to require a once-off adjustment to its adjusted earnings-per-share calculation, reflecting the material increase in the number of shares in issue following the transaction.
Assets and earnings climb
The recovery in flows, together with the Sanlam transaction and favourable market conditions, helped lift total AUM by £41bn during the year.
In addition to the £18.3bn Sanlam take-on, the business benefited from positive market and foreign-exchange effects of £19.9bn. Average AUM, a key driver of fee income, increased 18% to £151.8bn from £129bn a year earlier.
Growth was broad-based across asset classes. Equity assets increased 29% to £77.4bn, fixed-income assets rose 38% to £43.7bn, multi-asset assets grew 32% to £27bn, and assets on the South African fund platform increased 32% to £17.5bn.
Africa remained Ninety One’s largest client region, with AUM increasing 44% to £80.4bn, despite the region recording net outflows during the year.
Asia-Pacific assets grew 35% to £31.8bn, while UK assets increased 12% to £23.7bn.
Financial performance also improved during the year.
Adjusted operating profit increased 12% to £211.3m, while the adjusted operating profit margin improved from 31.2% to 32.0%. Profit before tax rose 2% to £207.5m, while profit after tax increased to £153.5m from £150.1m a year earlier.
Adjusted earnings attributable to shareholders increased to £158.3m from £138.9m, helping lift adjusted earnings per share by 12% to 17.4 pence.
The board proposed a total dividend of 13.4 pence per share for the year, up from 12.2 pence previously. For South African shareholders, the final dividend translates to approximately 161 cents per share before dividend withholding tax.
Investment performance remains competitive
Beyond flows and earnings, Ninety One’s long-term investment performance remained solid.
The group reported firm-wide outperformance of 56% over one year, 69% over three years, 63% over five years, and 75% over 10 years. Since inception, 76% of assets have outperformed their benchmarks.
