Investec Asset Management will be rebranded as Ninety One as soon as the company’s demerger from Investec is completed in the new year.
Investec Asset Management runs £118bn of capital on behalf of clients around the world.
The demerger is expected to complete in the first three months of 2020 and is taking place to allow the company to become a "focused, independent asset manager" and "seek better client outcomes and growth".
The name Ninety One has been chosen as it reflects the year Investec launched its asset management business, 1991.
Hendrik du Toit, joint chief executive of Investec and founder of Investec Asset Management, said: “Back in 1991 when we started in South Africa, change was coming. Along with its challenges came the chance to invest in a better future.
"Being part of that change made us who we are. It taught us to be bold, resilient and agile; to believe that active investing can be a force for good. Our journey taught us to see the world differently, to recognise and react to change and uncertainty. Today, that’s what sets us apart. Now we're changing our name, but not who we are.”
In September, Investec reported profits would be lower by about £42m as a result of activities such as costs associated with closing its robo-advice service Click and Invest, and the cost of the demerger from the parent company.
The asset management business is expected to report adjusted operating profit ahead of the half year to end September 2019, the firm said.
David Aird, who is the UK managing director with responsibility for the Asset Management business, announced in October he was taking a leave of absence from his job until January 2020.
The asset management business operates a range of open-ended funds in the UK, including multi-asset products which are jointly run by John Stopford, and equity funds. The company also manages the £888m Temple Bar Investment Trust, which is run by Alastair Mundy.
What do you think about the issues raised by this story? Email us on firstname.lastname@example.org to let us know.