Never miss an issue of Master Investor Magazine – sign-up now for free!
Shares in banking and investment management firm Investec (LON:INVP) rose by 8.15% to 524.20p (as of 11:10 BST) after the company confirmed plans to demerge and seperately list its asset management arm on the London Stock Exchange. The Specialist Banking and Wealth and Investment arms will remain within the existing corporate structure.
Joint CEO designates for Investec Asset Management Fani Titi and Hendrik du Toit commented that: “We are confident that the proposed demerger and listing of IAM provides the simplicity of structure and focus to enhance the long-term prospects of IAM and the remaining Group for the benefit of our shareholders, clients and employees. Investec has a heritage and culture of which we are proud, shaped by the dedication and commitment of our employees and the support of our clients. We look forward to working closely as Joint Group CEOs during this phase of our evolution and to implement this Transaction which we expect will create significant shareholder value over time.“