Investec split planned for March
SA’s largest asset manager Investec is spinning off its asset-management unit, which will be known as Ninety One
The demerger and listing of Investec’s asset management business in London and Johannesburg will take place on March 13 2020, SA’s largest asset manager said on Friday.
After the asset management unit, to be renamed Ninety One, is unbundled, about 55.9% of its total issued share capital will be held by Investec ordinary shareholders, the company said in a statement.
Investec had first announced the demerger plan in September 2018, maintaining it will simplify the businesses and enhance their long-term prospects.
“We continue to make good progress with respect to the proposed demerger and listing of Ninety One,” said joint CEOs Fani Titi and Hendrik du Toit in the statement.
“We remain excited about the benefits of this transaction and are determined to drive simplification across the group, focusing on enhancing the long-term prospects of Ninety One and Investec Bank and Wealth for the benefit of all our stakeholders,” the CEOs said.
Investec’s share price was down 2.19% to R83.17 in morning trade on Friday, having risen 4.41% so far in 2019.