Life as an independent company started with a bump for Ninety One, its demerger from the South African group Investec being delayed by the spread of the coronavirus.
The asset manager has gained its independence as others are losing theirs. Outflows to cheap passive funds have heaped pressure on smaller “active” managers. Mergers are in full swing: last week, Jupiter shareholders approved a £370m deal to take over Merian Global Investors.
Investec has retained a 25% stake in Ninety One, which is listed in London and Johannesburg and has a value of £1.3bn. It is set to join the FTSE 250 index next month, but questions are already swirling over whether it has the scale to go it alone.
“It can’t persist for ever in