Schroders will now offer global investment services directly to South African clients as it has been granted a Category 1 Financial Services Provider (“FSP”) licence.
As well as an FSP licence, Schroders have a number of funds approved for distribution in South Africa by the FSCA. The regulator has recently approved a fifth fund, the Global Smaller Companies Fund, under its Luxembourg domiciled Schroders International Selection Fund (SISF) series.
“Schroders has been developing its South Africa business over the past five years and we have had a permanent presence in the country since December 2015. After a positive reception from local investors we are very pleased to be expanding our team in the country.
“As a global asset management company we have made a significant commitment to the local market and can offer a range of capabilities and funds to the offshore investment market. We plan to develop our presence further in 2019,” Doug Abbott, country head for South Africa said in a statement.
Schroders has had a presence in South Africa since 2015 and until now has operated in partnership with Argon Asset Management in the institutional market. Schroders will continue to work with Argon on clients acquired through that partnership.
As part of its expansion plans in South Africa, Schroders has hired Kondi Nkosi as head of business development, Gauteng. In this newly created role, Nkosi (pictured) will focus on developing relationships with institutional clients. He will report to Doug Abbott, who has been based in Cape Town since 2015.
This complements the existing four approved funds which are available on most major South African platforms, and the JSE listed Schroder European Real Estate Investment Trust.