Leaner Ninety One confident that it can ride market storm
Consolidation has been a theme lately in the asset management industry
Asset manager Ninety One could hardly have chosen a worse moment to list, as share prices cratered on Monday. But its CEO, Hendrik du Toit, sees it as very successful.
"Circumstances have changed, and Ninety One's value is significantly lower than it was two weeks ago: you can't run away from the truth," says Du Toit, who founded the then Investec Asset Management in 1991 and led the demerger from Investec that resulted in Monday's listings on the London Stock Exchange and JSE.