Investec, the international specialist banking and asset management group, was founded by Larry Nestadt, Errol Grolman and Ian Canter in Johannesburg in 1974, initially as a small leasing and financing company; in 1980, a banking licence was granted. In 1986, it was first listed on the Johannesburg Stock Exchange in South Africa; in 1988, it was converted to Investec plc; and in 1992, it entered the UK market with the acquisition of London-based United Trust Bank Limited. The group was ranked 939th in the Global 2000 in 2014.