Investec sees H1 lifted by Rathbones deal, higher interest rates

by Dan Wills | Sep 22, 2023

F01FFFB844F3A9EB010E7CB74ABA633C-1536×711.jpg

(Sharecast News) – Investec on Friday said it expected to post higher earnings for the first half of the year, boosted by the now-completed merger of its UK wealth and investment business with Rathbones, higher global interest rates and growth in average lending books.
Adjusted pre-tax operating for the six months to August 31 was expected to be in a range of £428.7m- £449.6m, compared with £405m a year ago.

The UK business’ adjusted operating profit is expected to be at least 25% higher than the prior period’s £174.4 million.

Rathbones merger with Investec W&I was completed on Thursday, creating one of the largest discretionary wealth managers in the UK, with £100bn in combined assets.

Reporting by Frank Prenesti for Sharecast.com

Nationwide hands redundancy notices to nearly 500 staff

Dec 8, 2023 | News and Announcements

(Sharecast News) - Nationwide Building Society has told 470 of its staff that they are at risk of redundancy, it emerged on Friday. The decision, coming just before Christmas, was part of a broader restructuring spearheaded by its ex-TSB chief executive officer,...

US consumer sentiment improves in December

Dec 8, 2023 | News and Announcements

(Sharecast News) - US consumer sentiment improved in December as worries about inflation receded, according to a survey released on Friday by the University of Michigan. The preliminary index of consumer sentiment ticked up to 69.4 from 61.3 in November and 59.8 in...

CMA invites comments on Microsoft-OpenAI partnership

Dec 8, 2023 | News and Announcements

(Sharecast News) - The Competition and Markets Authority initiated a public consultation to gather opinions on the partnership between Microsoft and OpenAI on Friday. In its announcement, the CMA said it was seeking feedback from the involved parties and interested...