Ashburton Investments, the asset management arm of the FirstRand group and IIFL Asset Management have signed binding agreements to merge the Ashburton India Equity Opportunities fund into the IIFL India Equity Opportunities fund (Ucits based in Luxembourg).
The merger is subject to all necessary regulatory and board approvals. Investors can continue to access the fund as normal and no action is required from existing investors.
Jonathan Schiessl, chief investment officer (International), Ashburton Investments, who has been managing the Ashburton India Equity Opportunities fund since its launch in 2012, will continue to manage the merged fund. He will join IIFL AMC as CIO and lead fund manager of the merged fund with Swati Jain joining as head: institutional sales to continue distribution of the strategy to international investors.
Jonathan Schiessl, said that 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.
IIFL AMC has assets under management of about $4bn while IIFL Investment Managers has over $20bn of assets under advice, distribution and custody as on September 30, 2017.