Ashburton Investments, the investment management arm of FirstRand Group, has agreed to buy 100% of Atlantic Asset Management, a Cape Town-based fixed income asset manager for an undisclosed sum.
The acquisition includes the Atlantic Specialised Finance division and will be effective from 1 January 2016.
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The deal is expected to expand Ashburto’s new generation fixed income business by adding to its range of traditional fixed income funds as well as introducing Atlantic’s expertise in managing social impact investments.
As part of the acquisition, Atlantic’s funds will be included into the Ashburton’s stable but the mandates and teams will remain the same.
Also, the Atlantic funds will eventually rebrand to Ashburton Investments, subject to regulatory approval.
The transaction will see Atlantic’s CIO Arno Lawrenz joining Ashburton Investments as head of fixed income portfolio management, while Heather Jackson, CEO of Atlantic Specialised Finance, will work within Ashburton’s alternatives capability.
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By GlobalDataAshburton CEO Boshoff Grobler said: "We believe their entrepreneurial spirit and their investment philosophy is a perfect match for ours and that our combined experience consolidates Ashburton’s ability to offer clients a stand apart fixed income offering."
Atlantic Asset Management co-founder and MD Murray Anderson said: "The additional investment and distribution reach within Ashburton will enhance our ability to apply our approach."
