Ashburton and FNB Wealth and Investments announce partnership with Morgan Stanley Investment Management

09 September 2024

Cape Town, 9 September 2024 – Ashburton Investments and FNB Wealth and Investments today announced a partnership with international investment powerhouse Morgan Stanley Investment Management Limited (MSIM) to strengthen its global capabilities.

The partnership will result in enhanced international capabilities for both Ashburton’s and FNB Wealth and Investments’ South African clients. Both brands will benefit from MSIM’s research and portfolio management in global equity markets. The partnership will allow MSIM to gain access into new Sub-Saharan African markets where FNB currently operates.

“As a business, we have been preparing for a partnership of this magnitude for a while. We have strengthened our distribution capabilities and cemented a stable Ashburton investment team that is focused on investment excellence. Our investment team under Patrice Rassou’s guidance, has established a credible local equity and multi-asset track record to add to our successful fixed income and credit range. This partnership is the next step in enhancing our solutions to better meet clients’ needs,” said Duzi Ndlovu, Ashburton’s CEO.

“Our key criteria in selecting the right global investment partner included a disciplined investment process underpinned by strong research and analysis which is congruent with ours. They need to be a leader in the field of sustainable investing and ESG innovation, display expertise across a range of global asset classes including alternatives and have a strong long-term performance track record of global portfolios. I believe that MSIM has these attributes,” commented Patrice Rassou, Ashburton’s Chief Investment Officer.

According to Bheki Mkhize, CEO of FNB Wealth and Investments, “through this strategic initiative the company will be able to enhance its sustainable investment solutions in the market. This partnership will not only help us to strengthen our global capabilities but also ensure that we provide our clients with sustainable solutions aligned to their long-term goals.”

Rassou further explained that the ground was set for a fruitful working relationship between Ashburton, FNB Wealth & Investments and MSIM’s teams, and that he looked forward to Ashburton and FNB Wealth & Investments leading in terms of global investment solutions to the South African market.

Ruairi O’Healai, Co-Global COO for MSIM said: “Morgan Stanley has worked closely with Rand Merchant Bank (RMB) for many years, developing a strong and successful partnership. We are therefore pleased to further expand our relationship with the broader FirstRand group through a new partnership between MSIM, Ashburton and FNB, which will provide local investors access to our market-leading investment solutions.”

About Ashburton Investments

Ashburton Investments is a full-service, standalone asset management business offering bespoke solutions to corporates, financial advisers and institutions.

While always being valuation-driven, and risk-aware, the company's investment style is pragmatic, spanning active and passive, local and offshore, traditional and alternative strategies. Although it is known for its solid fixed income and credit track record, Ashburton also specialises in multi-asset, equities and global capabilities.

The company has a strong team of investment professionals, whose collective mission is to meet its clients' unique needs with integrity. Ashburton also has one of the most diverse asset management teams in the country, with a significant number of women in their investment team and most of its executives are black. 

CEO Duzi Ndlovu has been at the helm of the company since 2022 and CIO Patrice Rassou joined the business in 2020. For more information visit www.ashburtoninvestments.com

About FNB

First National Bank (FNB) is the oldest bank in South Africa and services retail and commercial customers and the broader African continent with operations in Namibia, Botswana, Lesotho, Swaziland, Zambia, Mozambique and Ghana. FNB is growing its franchise strongly in both existing and new markets on the back of a compelling customer offering that provides a broad range of innovative financial services products and services, across its transactional, lend, insure and invest business.

About Morgan Stanley Investment Management  

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,400 investment professionals around the world and $1.5 trillion in assets under management or supervision as of June 30, 2024. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im

Disclaimer:

The views expressed in this media release represent the views of Ashburton’s investment team as at the date of publication and may be subject to change without notice due to altering external factors and market conditions. This information should not be considered as financial or investment advice. Ashburton will not be liable for any loss caused by reliance on any opinion or statement made in this content.

Any reference in this media release to ‘partner’ and/or ‘partnership,’ shall be with respect to the commercial collaboration between Morgan Stanley Investment Management Limited, FirstRand Limited and Ashburton Investments. It is not the intention of these parties to create a legal partnership.

Ashburton Fund Managers (Proprietary) Limited (Reg No 2002/013187/07) (Ashburton) is an authorised Financial Services Provider (FSP) in terms of the Financial Advisory and Intermediary Services Act. 37 of 2002 (FAIS Act), with FSP number 40169, regulated by the Financial Sector Conduct Authority. This document is not advice in respect of any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever (advice as defined in terms of FAIS).