FNB Namibia’s acquisition of Pointbreak, which was approved in March, was seen as strategic move by the lender, who had faced several regulatory obstacles which had stalled Ashburton’s establishment locally.
Pointbreak is a Namibian financial services group, providing investment management and wealth management services to the private, corporate and institutional markets, managing in excess of N$8,5 billion of third party capital, while Ashburton Investments is the asset management franchise in the FirstRand group.
Ashburton’s launch locally will help the FNB Namibia group to build its financial services offering to retail, corporate and institutional investors since Ashburton prides itself as a new generation asset manager that offers investors access to more asset classes and options for investing contractual and discretionary savings.
“Ashburton’s licence was approved a while before the Pointbreak acquisition approval came through. Ashburton is an existing FirstRand Group brand with much to offer the investment community in Namibia in terms of expertise and international investment knowledge,” Eagles said.
“Accordingly, Ashburton Fund Managers Namibia Pty Ltd was duly registered and received a Namfisa licence as an Investment Manager already on 8 December 2016.
“As mentioned before, we are busy planning the way forward since the Pointbreak acquisition approval just recently, and will only do a public Ashburton launch in a month or two, at which time we will be better placed to share all information and structure, stakeholders and intentions etc.”
FNB Namibia Holdings announced in March that all regulatory requirements had been fulfilled for it to acquire 100 percent shareholding in Pointbreak and its banking arm EBank.