STEPHEN CRANSTON: Investec still has a foot in the business
The average UK client has about R8m in assets with Investec, but this isn’t usually unencumbered
27 February 2020 - 05:00
Investec might be about to unbundle its asset management unit, but it still has a foot in the business. About 15% of the earnings of the "new" Investec will derive from its Wealth & Investment arm, which will provide a useful source of recurring noninterest revenue.
When it comes to valuing the group, Wealth & Investment probably accounts for 30% of the business on a sum-of-the-parts basis. But it is culturally quite different from Investec Asset Management, soon to be renamed Ninety One...
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