Senior managers at Investec Asset Management are seeking to increase their stake in the company to 20% ahead of the business being demerged from parent company Investec.
It was announced in September that Investec would demerge and separately list its £109bn asset management arm, following a strategic review of the business.
In a stock exchange announcement, the firm said there were "compelling current and potential linkages" between its Specialist Banking and Wealth & Investment businesses, but limited synergies between these two businesses and Investec Asset Management.
Ahead of the completion of this merger, senior management are now looking to increase their stake in Investec AM by 2% to 20%, costing £33.8m.
Back in 2013, 40 senior employees acquired 15% of Investec AM for £180m funded equally by equity, raised via cash, deferred bonuses, long-term incentive awards and personal borrowings, and debt.
Employees included Investec AM UK managing director David Aird, co-chief investment officer John McNab, co-head of multi-asset Philip Saunders and co-head of fixed income Andre Roux.
The group then had the option to increase this by 5% over the next seven years. Some 1% was acquired in 2016, 2017 and 2018 and they now hold 18%.
However, with the spinoff looming, the group now want to "accelerate" the purchase of the outstanding shares, which enables them to acquire the last 2% by 14 December 2018.