Investec | Seeing opportunity
Investec should complete its planned demerger with its Asset Management operations (to be renamed Ninety One) in Mar '20. We believe the demerger will result in greater cost and capital efficiency in the banking operations and higher growth potential for Ninety One. We expect the greatest valuation upside for Investec shareholders to stem from improved profitability in the UK bank, as Investec gains scale in its private banking operations and keeps a lid on cost growth. The demerger will increase Investec's capital adequacy levels (+c.1.3% in the UK and +c.0.6% in SA). We expect the bank to operate with excess capital until economic conditions in SA and the UK improve.
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