Ninety One, previously called Investec Asset Management, has wrapped up the demerger from Investec.
The asset manager has now started trading on London as well as Johannesburg stock exchanges.
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Ninety One founder and CEO Hendrik du Toit said: “Today marks a historic moment for Ninety One. Despite extraordinary market volatility we are confident in the resilience of our capital-light business model and its organically developed, specialist, active investment offerings.
“Ours is a long-term story of a unique business with a carefully-developed culture, a commitment to employee ownership and a long track record.”
A total of 622.6 million Ninety One plc shares were admitted to trading in London and 240.1 million Ninety One Limited shares were admitted to trading in Johannesburg.
Ninety One also said that the firm will be eligible for inclusion in some equity indices such as the FTSE UK Index Series. However, this depends on the fulfilment of certain conditions.
Investec CEO Fani Titi calls the move a “significant step”.
“The rationale behind the demerger was to simplify and focus both Investec and Ninety One. As Investec, we remain fully focused on achieving sustainable, long-term growth for the benefit of our clients, shareholders and stakeholders,” Titi stated.
Investec first announced the demerger last year and said that the asset management business would be rebranded as Ninety One.
Last week, Investec said that it has scrapped its plan to sell a 10% stake in NinetyOne due to the hit on stock markets largely driven by the deadly coronavirus (Covid-19) outbreak.
