The senior management of Investec Asset Management has taken a 15 per cent stake in the company, looking to secure more independence from parent company Investec.
Investec Asset Management’s chief executive officer Hendrik du Toit, managing director David Aird (pictured) and 38 other members of the senior management team, have acquired the 15 per cent stake for £180m.
The agreement with Investec means that the group can acquire a further 5 per cent in the next seven years, which will be open to other Investec Asset Management employees.
A statement from Investec, the South African specialist bank and asset manager, said the deal had been agreed because they believed that “institutional clients are attracted to asset management companies that have significant operational independence and alignment of incentive structures to long-term performance”.
Investec said the deal would also align the interests of the senior management more closely with the overall interests of the firm.
The senior management will provide £90m through equity financing while the other £90m will be raised as debt.
Subject to shareholder approval, the deal is expected to have been completed by the end of July 2013.
