Interim 2025: AUM hits £152.1 billion and dividend lifted to 6.0p
Ninety One has posted a solid set of interim numbers for the six months to 30 September 2025. Assets under management (AUM) climbed 19% year on year to a record £152.1 billion, helped by better markets, improved investment performance and returning client demand.
Shareholders are getting a bigger slice too: the interim dividend is up 11% to 6.0p per share, payable on 19 December 2025 to holders on the register at 5 December 2025.
| Metric | H1 FY26 (to 30 Sep 2025) | H1 FY25 (to 30 Sep 2024) |
|---|---|---|
| Closing AUM | £152.1 billion | £127.4 billion |
| Net flows | £4.3 billion | £(5.3) billion |
| Average AUM | £139.7 billion | £126.7 billion |
| Adjusted operating profit | £98.8 million | £88.6 million |
| Adjusted operating margin | 32.1% | 30.5% |
| Basic EPS | 8.9p | 7.8p |
| Adjusted EPS | 8.4p | 7.3p |
| Interim dividend | 6.0p | 5.4p |
| Average management fee rate | 41.5 bps | 44.5 bps |
Flows rebound and the Sanlam deal adds fuel
Total net inflows were £4.3 billion, a meaningful swing from £5.3 billion of outflows a year ago. Of this, £1.9 billion related to the Sanlam Investments UK take-on in June; organic net inflows were £2.4 billion.
Where the money moved
- By asset class (organic): Equities +£2,085 million, Fixed income +£237 million, Alternatives +£313 million, South African fund platform +£475 million, Multi-asset £(702) million.
- By region (organic): Asia Pacific +£3,394 million was the standout. Europe +£305 million and Americas +£542 million also positive. The UK saw £(608) million, largely portfolio rebalancing, and Africa £(1,225) million with outflows from South African equities and multi-asset.
- By client type (organic): Institutional +£2,234 million; Advisor +£174 million.
In plain English: global equities – particularly emerging markets – are back in favour, and institutions led the charge. The UK outflows look more like housekeeping than client losses, which matters for revenue resilience.
Revenue and margin: good profits despite fee-rate drift
Adjusted operating profit rose 12% to £98.8 million with the margin up to 32.1%. Net revenue grew 5% to £304.7 million, aided by a strong pick-up in performance fees to £14.0 million (up 77%).
The watch-out is the fee rate. The average management fee rate fell to 41.5 bps from 44.5 bps. Management explains three drivers: daily AUM lagging monthly averages given market patterns (about 0.8 bps impact), mix shifts towards lower-fee portfolios, and some client fee reductions. This dilution is common when equities and larger mandates grow, but it caps operating leverage if it persists.
Investment performance back on the front foot
Short and medium-term numbers improved: 74% of assets outperformed over one year and 70% over three years. Long-term remains competitive at 73% over five years and 78% over ten years. Stronger performance tends to precede stronger flows, so this is a constructive backdrop.
Sanlam relationship: UK done, South Africa to follow
The UK component closed in June, contributing £1.9 billion of AUM and creating an investment management contract recognised as a £23.1 million intangible (amortised over 15 years; £0.5 million in the half). The South African transaction has received all regulatory approvals and is due later in the financial year. Early signs are “already delivering”, which supports the Southern Africa growth plank.
AUM mix and diversification
| AUM by asset class (30 Sep 2025) | £ million |
|---|---|
| Equities | 74,278 |
| Fixed income | 33,951 |
| Multi-asset | 22,521 |
| Alternatives | 5,806 |
| South African fund platform | 15,547 |
| Total | 152,103 |
| AUM by client group (30 Sep 2025) | £ million |
|---|---|
| Africa | 62,153 |
| Asia Pacific (incl. Middle East) | 31,302 |
| United Kingdom | 24,589 |
| Americas | 17,347 |
| Europe | 16,712 |
The geographic and asset-class spread is broad, which helps dampen single-market shocks. Asia Pacific’s rise to £31.3 billion is notable and aligns with management’s push into the region.
Costs, people and platform
Adjusted operating expenses rose 3% to £208.7 million. Staff costs were up 8% to £134.1 million with average headcount at 1,266 and a compensation ratio of 43.6%. Business expenses fell 3% to £74.6 million, with Information Technology now the largest line item – consistent with the firm’s investment in a digital finance unit and AI-related initiatives.
Staff own 32.7% of the equity. That much skin in the game usually sharpens focus on margins and long-term growth.
Capital, cash and shareholder returns
Liquidity remains comfortable with £331.2 million of cash and cash equivalents. The estimated regulatory capital surplus is £155.3 million, equating to 245% coverage of requirements. During the period the group conducted buybacks: Ninety One plc repurchased and cancelled 7.9 million shares (average £1.49), and Ninety One Limited repurchased and cancelled 6.2 million shares.
Net interest income eased to £7.6 million from £9.6 million, a modest headwind as rates drift and cash balances normalise after paying bonuses and dividends.
What I think and what to watch
The good
- Flows have turned decisively positive, with equities leading and Asia Pacific driving growth.
- Performance is competitive across timeframes, improving the sales backdrop.
- Margin expanded to 32.1% despite fee-rate pressure – a sign of cost discipline.
- Dividend up 11% to 6.0p, plus ongoing buybacks – shareholder-friendly capital allocation.
- Sanlam partnership is adding AUM now, with the South African leg to come.
The watch-outs
- Average fee rate fell to 41.5 bps. Mix and pricing pressure can offset AUM growth if not managed.
- UK and Africa outflows show not all regions are firing yet.
- Performance fees are lumpy by nature – great this half, but not guaranteed.
- Costs are rising with headcount (+8%), and competition remains “intensely” strong.
Outlook read-through
Management sees improving conditions for active managers, especially in international and emerging market strategies. Alongside the Sanlam build-out in Southern Africa, Ninety One is expanding private markets (private credit and infrastructure) and doubling down on technology, including AI, to enhance client service and efficiency.
None of that removes market and geopolitical volatility, but the combination of stronger flows, better performance and disciplined costs puts the firm on a firmer footing than a year ago. If fee-rate pressure stabilises and the South African Sanlam assets land as planned, earnings leverage into FY26 could improve.
Key takeaways for investors
- Record AUM of £152.1 billion with £4.3 billion of net inflows – a clear swing in momentum.
- Adjusted operating profit up 12% to £98.8 million; margin at 32.1%.
- Adjusted EPS up 15% to 8.4p; dividend up 11% to 6.0p.
- Fee-rate decline to 41.5 bps is the main headwind to watch.
- Capital position sound with a £155.3 million surplus and 245% coverage.
Overall, this is a constructive update. The growth engines are restarting, capital returns are alive, and execution on Sanlam and Asia Pacific could provide further gears. Keep an eye on pricing, but for now, momentum is moving Ninety One’s way.
