Plan to hive off funds unit boosts Investec
The proposed demerger and separate listing of Investec Asset Management (IAM) from the wider group could propel the business into the "super league" and in so doing unlock substantial value for shareholders, said outgoing Investec CEO Stephen Koseff, who described Friday’s announcement as being akin to "watching my daughter leave home". The announcement sent the share price of the banking group surging to its biggest intraday move in more than 10 years. After jumping as high as 13%, Investec closed 9.36% higher at R103.30. The reorganisation happens as Koseff relinquishes his position at the end of September, after spending almost 40 years at the company. He will hand over the reins to joint CEOs Hendrik du Toit, the current chief of the asset management unit, and Fani Titi, a veteran of 15 years on the board. "Hendrik is a magnificent manager and the market will support it. The optionality inherent in the transaction is that the asset management business will get a much higher rati...
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