“As FirstRand enters new businesses and new business lines it aims to do it usually in an unconventional way challenging the conventional thinking. One would expect that FirstRand ventures into this announcement around Ashburton Investments in a way that will challenge the conventional thinking, hence the platform that we want to use in new generation asset manager,” the CEO said.
“New generation in the sense that we think investors’ needs are best dealt with and discharged in this point in the market by giving them more sources of return and also more access to risk management than what they’ve been able to get in the market today.”
Grobler said the new entrant into the asset management space is essentially the fourth pillar of FirstRand group alongside the banking franchises FNB, RMB and West Bank, but sits separately from the rest.
“Sitting separate from it because it is essentially the actually window through which investors can come and get the best of the insides of FirstRand. There are separate components that will seat within Ashburton Investments and Ashburton Investments also in addition to that give access to products that sit in FNB, products that sit in the Investment Bank, RMB,” he explained.
The newly launched Ashburton Investments inherited its name from Ashburton in Jersey, the bank’s existing offshore asset management corporate that provides traditional products in developed and emerging markets.