Ashburton Investments, the asset manager of FirstRand Group, has appointed Sizwe Nxedlana as CEO, replacing Boshoff Grobler, who announced a move to FirstRand Group Treasury a month ago.
Nxedlana has been with FirstRand Group for more than a decade, previously as First National Bank's chief economist and most recently as CEO of FNB's wealth and investment activities. Nxedlana remains CEO of FNB's Wealth and Investments business.
FirstRand COO, Mary Vilakazi, said: "Asset management is an important component of FirstRand's portfolio diversification, particularly the building out of its invest-and-save strategies. Sizwe is a very experienced financial markets professional and, given his track record, is well placed to drive Ashburton Investments' next growth phase."
Leveraging the FirstRand Group capabilities to grow the asset management business will be a priority, Nxedlana added: "Integrating our investment capabilities through a single investment process and unified digital platform will be an important focus for both FNB Wealth and Investments and Ashburton Investments. We will continue to streamline the investment processes through both businesses by managing existing and new investment portfolios to achieve promised client outcomes, winning new mandates and ensuring continued growth in assets under management."