29th Nov 2019 14:38
(Alliance News) - Investec PLC and Investec Ltd on Friday said its asset management unit, which is due to demerge on March 13, 2020, as Ninety One, has announced the composition of its board of directors.
Gareth Penny has been selected as non-executive chair of Ninety One. He is currently chair of nickel and palladium producer Norilsk Nickel, and non-food retailer Edcon Group.
In addition, Investec's joint Chief Executive Officers Fani Titi and Hendrik du Toit will join Ninety One's board, with the latter taking up the role of CEO.
Kim McFarland will become the finance director of Ninety One.
Other independent non-executive directors include Colin Keogh, Busisiwe Mabuza, Idoya Basterrechea Aranda and Victoria Cochrane.
The appointment of Ninety One's board remains subject to shareholder approval.
"It is a privilege to welcome someone of Gareth’s calibre as chairman of the soon to be listed Ninety One. We stand to benefit from his deep understanding of international business, particularly in emerging markets, and his substantial corporate governance experience," du Toit said.
"We have assembled a board that is strong, independent, diverse and experienced. We are confident that they will help us chart a successful future for Ninety One as an independent, global investment manager," he added.
Earlier Friday, Investec assured shareholders that they and the bank itself would benefit from the demerger of the asset management unit, as it has long-term growth prospects.
The asset management business will be rebranded when its demerger from its banking parent is concluded on March 13 next year. The unit will be named Ninety One, with Ninety One PLC incorporated in England and Wales, and listed on the London Stock Exchange, while Ninety One Ltd incorporated in South Africa and listed on the Johannesburg Stock Exchange.
Following the demerger, Investec said it expects to hold 56% of Ninety One PLC and 53% of Ninety One Ltd.
In Johannesburg, Investec Ltd shares were trading 1.6% lower at ZAR81.41, while Investec PLC shares were down 1.3% at ZAR83.90 on Friday.
In London, Investec PLC's shares were down 1.0% at 443.4 pence.
By Dayo Laniyan; [email protected]
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