Mutual Funds

Ashburton Investments to merge India Equity Opportunities Fund with IIFL AMC's fund

Posted On : 2017-12-07 00:51:57( TIMEZONE : IST )

Ashburton Investments to merge India Equity Opportunities Fund with IIFL AMC's fund

Ashburton Investments, the asset management arm of the FirstRand group and IIFL Asset Management (IIFL AMC) have signed binding agreements to merge the Ashburton India Equity Opportunities Fund* into the IIFL India Equity Opportunities Fund* (UCIT's based in Luxemburg). 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.

Commenting on the development, Jonathan Schiessl, said, "We are very excited about this development and I expect the fund to grow from strength to strength following this agreement. This 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."

Amit Shah, CEO, IIFL Asset Management Business, said, "Global investors continue to increasingly look at India. Our AMC is indeed uniquely Indian and undeniably global and we continue to bring on board the best minds in the investing community from not just in India but different parts of the world. With Jonathan's successful track record especially in his India approach, we are sure he will add significant value for investors."

Boshoff Grobler, CEO, Ashburton Investments, said, "We truly believe that this collaboration between Ashburton Investments and IIFL AMC will further deliver on our promise to our clients - bringing them access to more. We were one of the first investment managers to give African investors access to investments into the fast growing and changing economy that is India. With our new partners IIFL AMC, we believe that our clients will experience even deeper and broader access to the Indian equity markets."

Source : Equity Bulls