JOHANNESBURG (Reuters) -South Africa's Investec said on Thursday it would distribute a 15% stake in asset manager NinetyOne to shareholders, as it also reported a more than two-fold rise in half-year profit. The financial services group spun off its asset management business and listed it as NinetyOne in London in 2020, but abandoned a plan to sell a 10% stake in the company as the COVID-19 pandemic roiled stock markets. It holds a 25% stake in the company.
South Africa's Investec said on Wednesday it would stop issuing retail structured products in the United Kingdom after last year signalling it would cut back its business in the asset class. Investec, one of the biggest issuers of retail structured products in the United Kingdom, said in November that it planned to wind down the issuance of some structured products after reporting high costs related to hedging on some instruments. "From April 2021, Investec Bank plc will not launch any further retail structured product plans in the UK retail market," it said in a statement on Wednesday, adding it would issue one final tranche later this month.