Ashburton Investments has enlisted Fidelity International to help run its multi-asset funds.
As part of the strategic partnership, Ashburton will continue to be responsible for macro views across the company's existing range, which has $850 million (£608 million) assets under management. However, Fidelity will provide advisory services on asset allocation, including fund selection.
Strategic asset allocation on the funds will be a joint effort by both firms.
Ashburton, the asset management arm of the FirstRand Group, will maintain responsibility for the clients and the distribution of the service.
‘In the face of changing global business models in an increasingly complex world, we believe we can further enhance the quality of our funds by partnering with Fidelity International,’ said Boshoff Grobler, chief executive officer of Ashburton Investments.
‘Importantly, Fidelity International is the perfect culture and knowledge fit for us and we are very excited to be working with them as an extension of Ashburton’s investment team.’
James Bateman (pictured), chief investment officer for Fidelity Multi Asset, said: ‘This strategic partnership with Ashburton Investments reflects the depth of both of our firms’ ambitions in offering clients world class investment portfolios which truly reflect their needs.’
He added: ‘I am pleased Ashburton has recognised Fidelity’s multi asset business as the ideal partner to deliver premier investment solutions for their clients, particularly our leading asset allocation, strategy research and security selection capabilities, and our ability to work in close collaboration with our clients.’