Investec fund managers put up £180m to grab foothold in firm

 
Michael Bow
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INVESTEC Asset Management boss Hendrick du Toit led a mini management buyout of the outfit yesterday, giving bosses a 15 per cent stake in the firm.

The deal sees 42 bosses at the asset management house stump up £180m to buy into the company, which will put it at arms length from its South African parent Investec Group, listed on the FTSE 250 in London.

Managers have the option of taking an additional five per cent stake in the money manager, which Du Toit founded in 1991.

Funding for the deal has been part financed with a loan from HSBC bank, which has put £90m of senior debt into the buyout deal. The stake values the business at around £1.2bn.