Investec Money Manager Seen as Target After Split From Bank
- Investec Asset Management being spun out of parent company
- Banking unit can no longer hide behind money manager: Avior
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After amassing 109 billion pounds ($143 billion) in assets within the belly of Investec Plc, Hendrik du Toit can now plot his own course as the money manager he founded splits from the banking group.
For Investec Chief Executive Officer Stephen Koseff it is a bittersweet moment. He’s preparing to leave the company next month after 40 years of helping to grow a local Johannesburg financier of doctors and lawyers into a giant with more than 10,000 employees and offices from New York to Sydney. Investec is spinning off the asset-management unit after a review found there is not much synergy with its banking and wealth and investment divisions.