Investec shares jump as group plans to spin off and list business in London

Investec Asset Management is expected to be hived off and listed as a separate entity.

Investec offices (Philip Toscano/PA)

By Kalyeena Makortoff, Press Association Chief City Correspondent

Shares in banking group Investec surged as its board announced plans to spin off its asset management division.

The South African group expects the separated Investec Asset Management (IAM) business to be listed on the London Stock Exchange within the next 12 months.