20th Nov 2019 10:20
(Alliance News) - Investec PLC's asset management business will be rebranded when its demerger from its banking parent is concluded next year, the unit said on Tuesday.
The unit will be named Ninety One following the conclusion of the demerger process, which is expected to close in the first quarter of 2020.
Investec Asset Management said: "The new identity reflects the heritage of the firm. Investec Asset Management began as a start-up asset manager in South Africa in 1991."
The divestment still needs the consent of Investec shareholders, but in August, the company said received all regulatory approvals needed to begin the process.
The company said back in September 2018 that it was pursuing the demerger of Investec Asset Management following a strategic review.
Investec said at the time that there were "limited synergies" between the asset management business and its specialist banking and wealth & investment divisions.
Investec shares were 1.5% lower at 430.20 pence each in London on Wednesday morning, in Johannesburg, they were down 1.1% at ZAR84.07.
By Eric Cunha; [email protected]
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