Investec Asset Management will be renamed Ninety One, following the process of separating from its parent company, Investec Group, which is set to be completed in the first quarter of 2020.
Ninety One will be dually listed on the London Stock Exchange and the Johannesburg Stock Exchange in the first quarter of next year, a spokesman said.
Shareholders of Investec Group will retain direct equivalent stakes in Ninety One in addition to their holdings in Investec Group, following the listing. Some 80% of the companies will be retained by current shareholders.
Commenting on the new company, Hendrik du Toit, joint CEO of Investec and founder of Investec Asset Management, said in a news release Tuesday: "Back in 1991, when we started in South Africa, change was coming. Along with its challenges came the chance to invest in a better future. Being part of that change made us who we are. It taught us to be bold, resilient and agile; to believe that active investing can be a force for good. Our journey taught us to see the world differently, to recognize and react to change and uncertainty. Today, that's what sets us apart. Now we're changing our name, but not who we are."
John Green and Domenico Ferrini are joint CEOs of Investec Asset Management and will retain those titles with the new firm, which had £118.9 billion ($151 billion) as of June 30.
