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Alternative Market Briefing

Investec to spin off and separately list asset management business

Monday, September 17, 2018

Laxman Pai, Opalesque Asia:

South African bank Investec announced that it plans to spin-off the $142.5bn asset management arm Investec Asset Management (IAM) as a separate company to be listed in London Stock Exchange.

In a stock exchange announcement, the banking group said there were "compelling current and potential linkages" between its specialist banking and wealth & investment businesses, but limited synergies between these two businesses and IAM.

IAM has $142.5 billion of assets under management (AuM) and has grown at an annual rate of 13.7% over the last ten years. However, a strategic review concluded being independent would accelerate its growth and help it attract staff.

According to the statement, Hendrik du Toit and Fani Titi are set to become co-chief executives of the wider Investec group on October 01, as current CEO Stephen Koseff steps down.

Following the demerger, du Toit will lead the asset management unit and Titi the remainder of the group, it said.

The Transaction is subject to regulatory, shareholder and other approvals and is expected to be completed within the next twelve months, Investec statement said.

"We are confident that the proposed demerger and listing of IAM (Investec Asset Management) provides the simplicity of structure and focus to enhance the long-term prospects of IAM and the remaining Group for the benefit of our shareholders, clients and employees," Du Toit and Titi jointly commented.

"Investec ......................

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