Investec Asset Management, part of UK and South Africa-listed Investec, has confirmed it has sold a 15 per cent stake in its asset management division to a group of employees, in a £180 million (around $270 million) deal, subject to regulatory approval.

The participants of the transaction, led by Investec's chief executive Hendrik du Toit, comprises 40 senior management and employees. In addition to the 15 per cent share, participants have been given the option to acquire up to a further 5 per cent of Investec Asset Management equity over a period of seven years from 1 April.

"This transaction ensures that Investec Asset Management can compete even more effectively with other independent, pure-play global asset managers, whilst at the same time having key current and future management committed to the business over the long-term, thereby creating a sustainable platform in the business to the benefit of the group’s stakeholders," said Stephen Koseff, chief executive at Investec.

Subject to the conditions being met, completion of the transaction is expected to take place by the end of July.

In other recent developments, earlier this month the firm's wealth and investment arm said it had reached the £40 billion (around $60 billion) mark in assets under management.