The demerger of Investec Asset Management — soon to be renamed Ninety One — from its parent specialist bank and asset manager will initially replicate the same dual-listed structure but is unlikely to unlock much value for shareholders.

“I think it is reasonably priced in relation to the likes of Coronation,” said Glen Baker, a fund manager at Anchor Capital, based on his analysis of the expected price-to-earnings ratio and dividend yield of Ninety One.

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