FirstRand today confirmed that Ashburton Investments, its asset management business, has appointed Mduduzi (Duzi) Ndlovu as chief executive officer from 1 March 2022.
Mary Vilakazi, chief operating officer of FirstRand, said:
“FirstRand’s investment management activities are a strategic priority for the group, and we are pleased to have attracted someone of Duzi’s calibre to lead Ashburton.
“With broad South African investment industry experience of 27 years, Duzi brings a wealth of insight and knowledge to the investment team and is well placed to lead Ashburton’s next growth phase.”
“I am honoured to join Ashburton which I consider one of the most exciting players to emerge in the asset management industry. I look forward to meeting the needs of our clients in these challenging times which are also rich with opportunity.”
Ndlovu succeeds Sizwe Nxedlana, who is taking on a senior role within the private bank.
“Sizwe has left a strong legacy for Duzi to build on,” commented Vilakazi. “Sizwe remains CEO of FNB’s wealth and investments business and moving back into the bank in this new role also means he is now uniquely positioned to drive greater penetration of wealth and investment products into the private bank client base. This is an important piece of our integrated financial services strategy.”