Recently launched asset management company, Ashburton, has assets worth almost N$11,5 billion, with N$8,37 billion being assets under management while N$3,06 billion are assets under advice, Chief Executive Officer Josephat Mwatotele said this week.
Mwatotele told the Windhoek Observer that the assets were a combination of assets under FNB unit Trust and Stimulus.
He also highlighted that the mandate for the previous company before the acquisition would still remain the same as FNB had acquired their company because of the broad asset mandate, which included private equity under Stimulus and its wealth management offering as well as unit trust and money market funds that they had under management.
Mwatotele said there were no changes expected soon to the team at Stimulus in terms of staffing, as the same team would continue to run the underlying businesses that they have been running.
He noted that the addition that they had was that, they were now a part of a bigger group and they could now access the resources that they needed from them (FNB) in terms of research and development as well as benchmarking their portfolio in terms of international presence through Ashburton global.
“Ashburton is sitting on N$11,5 billion in assets right now. These include alternative asset management where Stimulus private equity has assets worth N$503 million; while private property is worth N$673 million and the property unit trust has N$1,96 billion.
“On the traditional asset management, Pointbreak money market unit trust has N$2,3 billion while Pointbreak institutional money fund has N$738 million and FNB unit trust has N$2,2 billion.
“Pointbreak wealth management currently sits on N$3,06 billion which includes money market and financial transaction services; investment portfolio management and financial and retirement planning as well as trust, wills and estates,” Mwatotele said.
On any expected changes to the company, Mwatotele said, “FNB acquired us because of what they knew about us such as a broad asset mandate, which included private equity under stimulus and our wealth management offering and unit trust money market funds that we had under management.
“That mandate will not change; it will remain the same just that now it is a part of the FNB Group. Most of stimulus capital was sourced from institutional savings pension funds whose requirements are local investments and that mandate has not changed and Stimulus will continue to focus on local investments. As a private equity firm we fall under regulations 28 and 29.
“In terms of the unit trusts, that mandate continues the same and we will continue to invest mostly in money market instruments, such as Government bonds for both South Africa and Namibia, and also Treasury Bills and corporate paper of the four banks, for example, and that will continue to be the case.”
The recently appointed CEO further said there was a third element, which would probably be broadening their footprint into the asset management space, where they could introduce new products on the market such as property funds, infrastructure funds, among a whole lot of other new investment classes that they could explore as part of broadening their mandate.