Stake sale to Investec fund arm chiefs

The financial services giant Investec is selling a 15 per cent stake in its fund management arm to its own managers for £180m.

The 40 executives are putting up £90m of their own money and borrowing the other half to buy into a business which manages £69bn of assets. A further 5 per cent stake in Investec Asset Management has been made available to attract new fund managers to the business.