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Investec's Australia head to resign

Johannesburg - South African bank and fund manager Investec [JSE:INL] said the head of its Australia business will step down later this year and it has not yet decided on a replacement.

David Clarke, who led Investec Bank Australia for four years, has given six months notice, spokesperson Ursula Nobrega said on Wednesday.

"I think he's felt he's done what he needed to do in our Australian business," she said, adding that his replacement had yet to be selected.

Australia contributed 11% of Investec's 2012 revenue, according to Thomson Reuters data, compared with 59% from South Africa and 30% from Britain and Europe.

Shares of Investec are up 4.6% this year, outperforming a 3.5% decline in Johannesburg's benchmark Top 40 - (Tradeable) [JSE:J200] index.  

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Rand - Dollar
18.89
+0.3%
Rand - Pound
23.82
+0.4%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.30
+0.3%
Rand - Yen
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Platinum
908.05
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Palladium
1,014.94
0.0%
Gold
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-0.0%
Silver
24.95
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Top 40
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All Share
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Resource 10
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Industrial 25
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Financial 15
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