Investec expects the demerger of its asset management business to be completed in the second half of 2019.
The South African bank announced in September that it would spin off the UK asset management business, and in a results statement released to the market this morning (November 15) the company said that, subject to the usual shareholder and regulatory approvals, the floatation will happen in the second half of 2019.
The results statement showed the asset management business made a profit of £91.5m in the six months to 30 September, an improvement on the £83.2m achieved in the same period in 2017.
Total funds under management were £109.2bn, compared with £103.9bn in March 2018.
The wealth and investment division operating profit decreased by 6.3 per cent to £46.4m, from the previous £49.5m.
The business generated net inflows of £650m. Total funds under management amounted to £56.7bn, compared with £56bn in March 2018.