Investec shares leap on news asset management unit will go its own way
Investec announced on Friday the proposed demerger and separate listing of Investec Asset Management (IAM) from the larger specialist banking group. In mid-morning trade the share price was up 10% at R104.50. The move will see Investec Asset Management list on the London Stock Exchange with an inward listing on the JSE once shareholder approval and regulatory permissions have been obtained. Stephen Koseff, the outgoing CEO of Investec, said the decision comes in conjunction with the executive management changes that were announced earlier this year, and which prompted a strategic review of the business. “The outcome of the strategic review found the group comprises a number of successful businesses with different capital requirements and growth trajectories. While there are compelling current and potential linkages between the specialist banking and wealth management business there are limited synergies with Investec Asset Management.” The specialist banking group will retain a resi...
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