An introduction to our new brand

Investec Asset Management will become Ninety One

Our story

We started our investment firm in ‘91.
Back then, 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. Agile. Resilient.
To believe that active investing can be a force for good.

These beliefs haven't changed, but our name will.

We’re the same company, with the same passion for our clients, but with an exciting new name and identity; a celebration of our beginning and whatever comes next.

Introducing Ninety One - Hendrik du Toit

play

01:00

Investments carry a risk of capital loss.

We are Ninety One

slide-1
slide-2
slide-3

The new us

Why are you changing your name?

In September 2018, following a strategic review, the Boards of Investec plc and Investec Limited (collectively “Investec Group”) announced that Investec Asset Management (“IAM”) would become a separately listed entity. As a result we had the opportunity to create a new name and brand that was wholly separate from Investec Group and stayed true to who we are; a focused and independent asset manager.

What is the new name for Investec Asset Management?

The new name is Ninety One.

We have chosen a name with a strong connection to our heritage, that feels authentic to who we are and will stand out in a competitive market.

Back in '91 we started our investment firm in South Africa. Born out of a time of transformative change, it taught us the power of active investing to help create a better future. That journey has made us who we are today. Bold. Agile. Resilient.

We will be changing our name, but not who we are. The people you partner with remain the same, as do our investment philosophies and care for our clients.

When will your name change?

Our name will officially change when we list as an independent organisation in March 2020. Until then, we will continue to be known as Investec Asset Management, although you will begin to hear more about our new chapter as Ninety One.

What impact does this have on IMS?

Investec Investment Management Services (Investec IMS), our investment platform business, together with Investec Assurance Limited, will remain wholly-owned subsidiaries of our company. Upon listing, Investec IMS will become Ninety One Investment Platform. Beyond the name change, there will be no change to the team, the service you expect from us or the product range. Investec IMS was never part of the Investec Group balance sheet.

Why don’t you keep the zebra identity?

The Investec name and the zebra have high levels of recognition across the markets in which IAM operates. As our business is separating from the Investec Group, it’s important that Ninety One develops its own brand and identity. A comprehensive launch programme is planned for the demerged business from March 2020, which will support the promotion of Ninety One with a new, dynamic and impactful visual identity.

What will change

What will change for clients?

Aside from the reasons for the demerger set out above, nothing major will change. The way we manage our clients’ investments, our culture, purpose and values remain as they are.

When we demerge in March 2020, functional elements like phone numbers, email addresses and fund names will change, full details of which will be communicated early next year. It is important to note that whilst the fund names will change, the underlying teams, philosophies and processes will remain the same, as will clients’ investments.

Are the IAM websites changing?

Yes, on Listing Day all global websites will not only reflect the new name and brand, but will also deliver a significantly improved user experience.

Do any of my Investec contacts change?

There should be no changes to your existing contacts at IAM. Prior to, and at listing in March 2020, some elements like phone numbers, email addresses and office addresses may change; full details of which will be communicated in due course.

Are legal entities changing?

Plans for changing the names of all of our legal entities (Investec Asset Management Limited, Investec Fund Managers Limited etc) have been finalised. Corporate legal entities will change at the time of listing. Fund names and associated legal entities will change throughout the second quarter of 2020.

What is the impact of the re-naming to Ninety One on client contracts? Do clients need to take action now?

No immediate action is required by clients. The name change does not take effect until March next year. We will write to all clients early next year in connection with all relevant changes, including changes to company name, office addresses (where applicable), email addresses and fund names.

At this time, we will engage with clients in connection with any notifications needed which arise from the name change to Ninety One. Whilst our legal entities will change in name, the registered numbers of these legal entities does not change and nor do the existing obligations bestowed upon us by existing contracts. There is therefore no need for any re-writing or novation of contracts.

Will there be any change in leadership, company structure, portfolio management, client service & operations?

The proposed leadership structure for IAM post demerger and listing was confirmed in August 2019. The current leadership remains unchanged prior to listing. On listing, Hendrik du Toit will return as CEO. Kim McFarland is Finance Director. The Executive Committee remains unchanged. This structure positions the firm for its life as an independent business and ensures the long-term stability and continuity of the leadership team that built the firm over three decades.

For our clients and employees, it provides assurance that our culture, purpose and values will not change. We stay focused on the ongoing development of a talented and passionate team that seeks to consistently deliver the investment outcomes and broader partnership our clients deserve.

The demerger will not affect the composition of the portfolio management or client service teams across the business. Our operations teams will also be unaffected, and we are very focused on ensuring no impact to our clients.

Is there any impact on fund umbrella names?

IAM umbrellas/collective investment schemes will be changing their names. While the names will change your investments will continue to be managed as they are now, with no change to our investment teams or philosophies.

Because of regulatory and legal requirements, the timing of these changes cannot be fully aligned with the renaming of the business. A full programme of communication relating to these specific changes will be sent to impacted stakeholders, starting in Q1 2020. It is intended that this exercise will be completed by July 2020. More details will be available in due course.

Is there anything else about the funds that will be changing apart from the name?

There are no current plans to make any additional changes to funds which relate directly to the renaming and rebranding of IAM.

The demerger

What is the reason for the demerger from Investec Group?

In September 2018, following a strategic review, the Boards of Investec plc and Investec Limited (collectively “Investec Group”) announced that Investec Asset Management (“IAM”) would become a separately listed entity. This decision ensured IAM will be a focused, independent asset manager, a position appreciated and valued by investment management markets. It also provides a platform from which to seek better client outcomes and growth.

What is the latest on the demerger?

Subject to Investec Group shareholder approvals in February 2020, our demerger and independent listing remains on track for March 2020.

The leadership structure for IAM post listing has also been confirmed. The current leadership remains unchanged prior to listing. On listing, Hendrik du Toit will return as CEO. Kim McFarland is Finance Director. The Executive Committee remains unchanged. This structure positions the firm for its life as an independent business and ensures the long-term stability and continuity of the leadership team that built the firm over three decades. For our clients and employees, it provides assurance that our culture, purpose and values will not change.

We remain dedicated to the ongoing development of a talented and passionate team that seeks to consistently deliver the investment outcomes and broader partnership our clients deserve.

Will you have an independent chairperson and what will the board composition look like?

Yes. Gareth Penny will be independent, non-executive Chairman. The new board has been selected for independence, diversity and significant business experience.

Gareth Penny brings a wealth of experience in chairing and serving on public and private company boards in both the UK and South Africa. For the last twelve years, Penny served as Non-Executive Director (and Remuneration Committee Chairman) of Julius Bär Group, the Zurich-listed Swiss bank focused on wealth management. He is also Chairman of Norilsk Nickel, the world’s leading producer of nickel and palladium, and of the Edcon Group, a private company and Southern Africa’s largest non-food retailer. He spent 22 years with De Beers, where he went on to become group CEO.

Our board conforms to governance best practice with the following composition:

Name: Gareth Penny(3*)(4)
Position: Chairman
Date appointed: 19 November 2019

Name: Colin Keogh(1)(2*)
Position: Senior Independent Director
Date appointed: 19 November 2019

Name: Hendrik du Toit(3)(4)
Position: Chief Executive Officer
Date appointed: 4 October 2019

Name: Kim McFarland
Position: Finance Director
Date appointed: 4 October 2019

Name: Idoya Basterrechea Aranda(1)(2)(3)
Position: Non-Executive Director
Date appointed: 19 November 2019

Name: Victoria Cochrane(1*)
Position: Non-Executive Director
Date appointed: 19 November 2019

Name: Busisiwe Mabuza(2)(4*)
Position: Non-Executive Director
Date appointed: 19 November 2019

Name: Fani Titi(5)
Position: Non-Executive Director
Date appointed: 19 November 2019

(1) Member of the Ninety One Audit and Risk Committee.
(2) Member of the Ninety One Human Capital and Remuneration Committee.
(3) Member of the Ninety One Nomination and Directors Affairs Committee.
(4) Member of the Ninety One Sustainability, Social and Ethics Committee.
(5) Appointed by Investec pursuant to the Relationship Agreement. Fani Titi will not be considered to be an independent Non-Executive Director.

Chairs of the Ninety One Board Committees are indicated by an asterisk*.

What is the proposed timing for the demerger and listing?

We are targeting March 2020 for the demerger and listing. We will continue to operate as Investec Asset Management until listing.

Will you lose significant benefits by demerging from the Group?

No. We have operated as a separate, standalone business since inception. IAM has been run autonomously for a long time; we are excited and highly optimistic about our independent future. Formalising our position as a focused, independent asset manager is a position appreciated and valued by investment management markets. It also provides a platform from which to invest for better client outcomes and growth.

Where will IAM list and what will the listing structure be?

As part of the announcement we have confirmed that IAM will list as a Dual Listed Company (DLC). This means that we will have a listing in London and Johannesburg, as per the current position with the Investec Group.

Will you hold the listed IAM shares in client portfolios?

No. Good practice globally is for asset managers to not hold their own shares in client portfolios given the potential issues with conflict and perceptions. While there are mechanisms to manage both these issues, common practice is to remove the risk by not holding one’s own shares.

Share on