Total funds under management at the end of the period amounted to £53.1bn, down from £58.8bn at the start of the period (31 March), while operating profit for the division jumped 34.1% to £65.6m.
The wealth and investment arm also increased operating profit by a third to £16.3m in the H1 as it benefited from higher average funds under management and a full contribution from the acquisition of Rensburg Sheppards in June.
Net inflows of £800m were seen that part of the business, taking total funds under management for the wealth and investment arm to £26.3bn, down from £29.4bn at the end of March.
Investec said asset and wealth management now accounts for 39.1% of the group’s operating profit, up from 28.6% a year ago.
But Investment banking at the group has taken a turn for the worse and saw operating profit fall by 91% to £3.7m in the six months to 30 September, from £42.5m in the same period a year ago.
Meanwhile Investec’s private banking operations reported a loss of £4.9m.