Fund manager Ninety One, formerly Investec Asset Management, has reported full year pre-tax profits up by 11% to £198.5m but Assets Under Management down 7% to £103.4bn.

Dealing has begun today in shares of Ninety One plc and Ninety One Limited, the new name for Investec Asset Management following its float in London and Johannesburg.

Due to stock market turmoil Investec Asset Management has dropped the global offer of 10% of its shares when it floats next week.

Ninety One plc and Ninety One Limited, the new names for Investec Asset Management, will float with a stock market valuation estimated at between £1.7bn and £2.2bn.