Investec banks on healthy offspring
The plan is to list the asset-management business in London with a secondary listing on the JSE, while Investec's listings would remain the same
Stephen Koseff likened the spin-off of Investec's asset management into a separate business to the pain of giving away a daughter on her wedding day and the joy one gets from grandchildren. "It's tough, but then there is a big reward afterwards," he said. The decision to split came after a strategic review had found there were only "limited synergies" between the group's asset management business and the specialist banking and private wealth-management divisions. The plan is to list the asset-management business in London with a secondary listing on the JSE, while Investec's listings would remain the same. Koseff, who has spent 38 years building Investec, said he had seen Investec Asset Management grow from a business with assets worth £20m under management to the current £109bn (R2-trillion). "It is big enough to fly itself and we saw that the time had come. We have appointed dual leadership and now each oke will drive their own bus," he said. In February, the bank announced that K...
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