Investec Asset Management demerger on track, to rename as Ninety One

LONDON (Reuters) - The demerger of Investec Asset Management from its Anglo-South African parent Investec Group is on track to complete in the first quarter of 2020, when it will be renamed Ninety One, the company said on Tuesday.

Investec’s fund arm plans to list in London, with a dual listing in Johannesburg, as part of a restructuring of the financial services company announced last year.

The demerger still remains subject to the approval of Investec Plc INVP.L and Investec Ltd IM2I.L shareholders.

Investec, which manages more than 119 billion pounds ($154 billion) in assets, said the new identity “reflects the heritage of the firm” in a nod to 1991, the year the asset management unit was formed.

(This story corrects to say there will be a dual, not secondary, listing in Johannesburg in paragraph 2.)

Reporting by Simon Jessop, editing by Kirstin Ridley