Investec, the UK-listed South African bank has agreed to sell 15% of its asset management unit to its staff at a price that values the business at £1.2bn.

Hendrik du Toit, the chief executive of Investec Asset Management, and 39 of his senior team will become shareholders in the business, which manages £69bn and makes up about 30% of the Investec group's operating profits. They are paying £180m, made up of £90m of their own money and £90m in loans, according to an Investec statement.