Investec to spin off £109bn asset management business
September 14, 2018 Updated: 9:51 a.m. GMT
Investec, the South African financial services group, will spin off its asset management division following a strategic review of its businesses.
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.
The decision was taken after Investec found there to be little synergy between the investment business and its specialist banking and wealth management divisions.
Following the listing, the fund management arm will be led by Hendrik du Toit — Investec Asset Management's chief executive.
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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