Ninety One Limited (NY1) has listed on the JSE, with the secondary listing of Ninety One Plc (N91) on the Main Board, under the Asset Managers sub-sector.

Ninety One has changed its name from Investec Asset Management.

The listing comes after the Investec Group’s strategic review in 2018, after which the company decided to proceed with the demerger of the Asset Management business from the Specialist Banking and Wealth & Investment business.

Ninety One is a founder-led independent global asset manager that primarily offers a range of high-conviction, active strategies to its sophisticated global client base. Ninety One was established in 1991 and, as at 30 September 2019, has £121-billion in assets under management.

The Ninety One Group’s investment proposition for clients centres on its range of differentiated strategies managed by its specialist investment teams, providing access to a diverse range of asset classes and regions globally.

The demerger focuses the Investec and Ninety One Group’s on their respective growth paths, which enhance the long-term prospects and potential of both businesses for the benefit of their shareholders, clients and employees.

Hendrik du Toit, founder and CEO of Ninety One, comments: “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.”

The business will be listing on the financial services sector which currently has a market capitalisation of R384-billion.

Investec Plc ordinary shareholders will keep their shares in Investec Plc and will be allocated one Ninety One Plc share for every two Investec Plc shares in the name of the shareholder. The Investec Limited Ordinary shareholders will keep their Investec Limited shares and will be allocated one Ninety One Limited share for every two Investec Limited shares in the name of the shareholder. Therefore, shareholders will own shares in two listed companies. The Investec Group will hold approximately 25% of the combined total issued share capital of Ninety One.