Investec pushes on with listing of asset management arm Ninety One

LONDON (Reuters) – South Africa-based banking group Investec (INVP.L) is pressing ahead with the spin out of its asset management unit, with the renamed business Ninety One confirming its intention to float in London and Johannesburg on Monday.

Ninety One, which has 121 billion pounds ($157.75 billion) of assets under management, intends to have a free float of 60-65% of its issued shares. The business confirmed it plans to debut on the two stock exchanges on March 16.

JPMorgan and Bank of America Merrill Lynch are bookrunners.

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