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Investec to spin off £109bn asset management business

 

By David Ricketts

September 14, 2018 Updated: 9:51 a.m. GMT

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Investec, the South African financial services group, will spin off its asset management division following a strategic review of its businesses.

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Investec Asset Management, which oversees £109bn across the UK, South Africa, Australia and the US, will be listed on both the London and Johannesburg stock exchanges.

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The decision was taken after Investec found there to be little synergy between the investment business and its specialist banking and wealth management divisions.

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Following the listing, the fund management arm will be led by Hendrik du Toit — Investec Asset Management's chief executive.

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Managers of Investec Asset Management will hold a stake in the listed business, while the wider Investec group may keep a minority holding.

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READ THE FULL ARTICLE HERE: 

https://www.fnlondon.com/articles/investec-to-spin-off-109bn-asset-management-business-20180914