New CEO at FirstRand asset management arm

Sizwe Nxedlana has been appointed CEO of Ashburton Investments, the asset management arm of the FirstRand group, with immediate effect.

Nxedlana replaces former CEO, Boshoff Grobler, who in September moved to a new role in FirstRand Group Treasury.

Sizwe previously as FNB’s Chief Economist and most recently as CEO of FNB’s Wealth and Investment activities. He 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.

Nxedlana said that his focus will be on working with the existing teams to scale Ashburton Investments by leveraging more of the group’s capabilities.

“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,” he said.

Read: FirstRand boosted by FNB earnings

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New CEO at FirstRand asset management arm