Investec AM valued at up to £2.1bn in IPO

Investec AM valued at up to £2.1bn in IPO

Ninety One, the company formerly known as Investec Asset Management in the UK, will float on the stock exchange with a valuation of between £1.75bn and £2.1bn, depending on investor demand for the shares.

Ninety One, which is named after the year the asset management business was founded in South Africa, announced the price range in a stock exchange release this morning (March 2).

Investec, the South African bank that is the parent company of Investec Asset Management in the UK, had previously announced its intention to sell a stake in the business via an initial public offering on the London Stock Exchange.

The shares will list on the London Stock Exchange on March 10 and the cash raised will be retained by the parent company.

The company had net inflows of £3.2bn in the six months to the end of September 2019, and total assets under management of £121bn. It made a profit of £97.3m. 

The company will be chaired by Gareth Penny, who was formerly chairman of mining company De Beers. 

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.

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