Due to stock market turmoil Investec Asset Management has dropped the global offer of 10% of its shares when it floats next week.

The company will go ahead with its demerger and float under the new names of Ninety One plc and Ninety One Limited.

The company said: “In light of the recent volatile market conditions, the boards of Investec have decided not to pursue the Global Offer of approximately 10% of the combined total issued share capital of Ninety One.

“Investec will proceed with the proposed demerger and public listing of Ninety One as planned and will remain a shareholder in Ninety One, with approximately a 25% shareholding.”

Dealing in shares of Ninety One plc and Ninety One Limited will take place from 16 March.

Investec's entire holding of Ninety One Shares will be subject to a ‘lock up’ for a period of 180 days from the date of dealing.

Fani Titi, joint CEO of Investec, said: "Market conditions have proved particularly challenging in the recent two weeks and, while we were encouraged by the strength and quality of investor engagement in relation to the Global Offer, we have decided to retain our shareholding in Ninety One.

“Importantly, the financial benefits of the demerger remain. Ninety One is an excellent company, with an exceptional management team, and we have great confidence in its prospects as an independently-listed firm."

 Hendrik du Toit, joint CEO of Investec and CEO of Ninety One, said: "The demerger is progressing in line with the published timetable.

“On Monday we start an exciting new phase as an independently-listed company. Despite the recent market dislocation, we have been encouraged by the support from our shareholders and potential investors.”

Ninety One plc and Ninety One Limited, the new names for Investec Asset Management, will float with a stock market valuation estimated at between £1.7bn and £2.2bn.