INVESTEC GOES BIG ON SCHOOLING

INVESTEC Asset Management, a subsidiary of Investec, has bought shares in a firm that runs private colleges in South Africa, it said yesterday, tapping into a fast-paced expansion in education businesses. Rising incomes among the continent’s vast population have created a pool of customers willing to pay for better schooling for their children. That, in turn, is driving a fast-paced expansion in education businesses. Investec said it had bought shares in Richfield Holdings, but did not disclose the size of the stake or cost of the deal. Richfield founder and chief executive Jay Ramnundlall said the tie-up with Investec would enable the firm to expand further. Richfield has more than 40 campuses in South Africa. Investec has $143 billion (R2 trillion) in assets. Its parent company is planning to spin off and float the asset management unit on the London Stock Exchange, with a secondary listing in Johannesburg. Curro Holdings is South Africa’s largest private education group. | Reuters