Ashburton Investments is merging its India Equity Opportunities fund into the IIFL India Equity Opportunities fund.
Ashburton Investments is the asset management arm of the FirstRand group and IIFL Asset Management.
Jonathan Schiessl, chief investment officer, international at Ashburton Investments, has run the $120m Ashburton India Equity Opportunities fund since its launch in 2012, and will continue to manage the merged fund.
He will join IIFL AMC as CIO and with Swati Jain joining as head of institutional sales to distribute the strategy to international investors.
Schiessl says: “We are very excited about this development and I expect the fund to go from strength to strength following this agreement. This is a highly positive collaboration, not just for Ashburton and IIFL AMC, but more so for global clients who will benefit from the infrastructure and depth of India research that the IIFL group brings on board.”
Boshoff Grobler, CEO, Ashburton Investments, adds: “We were one of the first investment managers to give African investors access to investments into the fast growing and changing economy that is India. With our new partners IIFL AMC, we believe that our clients will experience even deeper and broader access to the Indian equity markets.”
The merger is subject to regulatory and board approval. Investors can continue to access the fund as normal and no action is required from existing investors.