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Ninety One completes demerger from Investec

Opposite_directionsNinety One – formerly known as Investec Asset Management – has completed its demerger from Investec Group and is now trading on the London and Johannesburg stock exchanges.

Hendrik du Toit, founder and chief executive officer, said: “Despite extraordinary market volatility we are confident in the resilience of our capital-light business model and its organically developed, specialist, active investment offerings.”

He added: “Ours is a long-term story of a unique business with a carefully-developed culture, a commitment to employee ownership and a long track record.”

Ninety One said the 20% holding by eligible staff would be executed through an employee ownership vehicle called Forty Two Point Two and was in line with the firm’s practice of having a high level of employee ownership.

Investec Group will keep a 15% holding and 55% of the shares will be issued as ordinary shares to the public. About 10% will be held by existing or new institutions, broadening Ninety One’s access to capital.

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