November 29, 2019 / 7:35 AM / 2 months ago

Investec plans to spin off asset management unit on March 13, 2020

LONDON, Nov 29 (Reuters) - Anglo-South African Investec Group said on Friday the demerger of its asset management arm is set for March 13, when it will be renamed Ninety One.

Investec plans to list its fund business in London and Johannesburg, as part of a restructuring of the financial services company announced last year.

The demerger remains subject to the approval of Investec Plc and Investec Ltd shareholders.

Investec, which manages more than 119 billion pounds ($154 billion) in assets, said the demerger will simplify the firm’s banking, wealth and investment units. It said the capital ratio of Investec Plc should improve by 1.3 percentage points to 12%, while Investec Ltd’s ratio will improve to 12.3% following the demerger.

The plan to float the asset management business follows similar moves by Prudential, Old Mutual and Deutsche Bank as fees fall and costs rise in the fund management sector. (Reporting by Clara Denina Editing by Rachel Armstrong)

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