David Shapiro: Ninety One’s awful timing – asset management horse has bolted

In the latest episode of Rational Radio, SA's favourite market commentator David Shapiro wonders whether the horse has bolted from the Investec Asset Management stable – questioning the poor timing of the renamed Ninety One's split from its mother ship. He is also unconvinced that SA's listed property stocks offer value, urging caution to bargain hunters, and explains why JSE-listed Ecsponent, whose share price has collapsed 80% in the past year, may well get away with reneging on R188m in preference share debt. – Alec Hogg

David Shapiro joins us as always to kick off Rational Radio today. There's a whole lot of interesting stuff we're going to be talking about. Ecsponent – we'll touch on it in a moment – but the big news today for South African investors is that the split between Investec Asset Management Division called "Ninety One", is going ahead. I suppose timing wise, they certainly could have come to the market a lot earlier. If you look at their competitor Coronation Fund Managers, it's down by more than a half since 2015, so it isn't exactly well-timed.

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