Investec Asset Management has touted that 20% of its business will be held by employees as it confirms details of its plan to become a £121bn standalone business that will be rebranded as Ninety One.
A regulatory filing today confirmed that 10% of shares will be sold in the offering that will see Ninety One listed on both the London and Johannesburg stock exchanges. Investec Asset Management had first revealed it planned to spin-off from its parent and rebrand in November 2019.
Admission to the stock exchanges will take place on 16 March with a prospectus to be published two weeks earlier.
There will be a free float of 60 to 65% with Investec shareholders set to hold around 55% of share capital. Approximately 15% of share capital will be retained by Investec Group.
‘Ownership structure will attract talent’
The remaining 20% of share capital will be held by Ninety One staff via an employee share ownership vehicle.
Investec joint chief executive and Ninety One Founder Hendrik du Toit said: “After 29 years as part of a diversified financial services group, this is an important event in our development.
“This transaction strengthens our offering to clients as an independent specialist investment manager. Combined with our unique ownership structure, this enhances our efforts to attract and retain the very best talent. We believe this will benefit our shareholders.”
Ninety One will have its main listing in London with a secondary listing in Johannesburg.
“The dual-listing structure will acknowledge our South African roots, while the London listing positions us for continued international growth,” du Toit said.
For the six months ended 30 September 2019, Ninety One had net inflows of £3.2bn and operating profit before exceptional items of £97.3m.
Advised clients account for 32% of assets under management with the rest held by institutional clients.