On March 15, 2013, FTadvisor.com reported that 40 senior staff members of Investec Asset Management had paid £180 million for a 15% stake in the company.
On March 15, 2013, FTadvisor.com reported that 40 senior staff members of Investec Asset Management had taken a 15% stake in the company in an effort to secure more independence from Investec’s parent company. The executives paid £180 million for the stake, half of which will be provided through equity financing, the other half of which will be raised by debt. Under the terms of the agreement, the group and other Investec employees will have the option to acquire an additional 5% interest over the next seven years. Investec is a South Africa-based asset manager. The deal, which is subject to shareholder approval, is expected to be completed by the end of July 2013.
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