Ashburton (Jersey) has said it will form the international arm of a new asset manager that will become the fourth financial services franchise of its South African parent, FirstRand, alongside existing brands FNB, RMB and WesBank.
The new business has taken its name from Ashburton, and will now form part of Ashburton Investments.
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These traditional offerings – currently managed on behalf of both international and Southern African investors – will be supplemented by the integration of the investment management businesses of BJM, RMB Private Bank and RMB Global Market Funds Solutions, all part of the wider FirstRand Group. Total assets under management of the combined business exceed US$10 billion.
FirstRand Group CEO, Sizwe Nxasana, said: "By accessing the origination capabilities of our existing franchises, we can bring new investment and asset classes to retail and institutional investors. This will be in the form of both alternative and traditional products, which will provide investors with a far wider investment choice than currently exists, offering more sources of return and making it easier to save."
According to Ashburton Investments, in addition to providing traditional, long-term investments in single manager, multi-manager and offshore funds, it will differentiate itself by offering sources of return in its core markets that are not readily available to individual and institutional investors.
It will begin by offering investors the chance to co-invest in debt financing, private equity and credit investments alongside Ashburton Investments and on the same terms. Product providers to Ashburton Investments will be RMB and Ashburton.
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