Ashburton Investments and IIFL AMC have decided to merge the Ashburton India Equity Opportunities Fund into the IIFL India Equity Opportunities Fund, the AMC stated in a press release.
IIFL India Equity Opportunities Fund, is a sub-fund of IIFL Fund, a UCITS in the form of an open-ended investment company domiciled in Luxembourg, structured as an umbrella fund comprising multiple sub-funds.
Ashburton Investments is the asset management arm of the FirstRand group, a financial services provider in South Africa.
The merger is subject to necessary regulatory and board approvals. However, the investors can continue to access the fund like earlier.
Jonathan Schiessl, who manages Ashburton India Equity Opportunities Fund will manage the merged fund. He will join IIFL AMC as CIO and Lead Fund Manager of the merged fund.
Amit Shah, CEO, IIFL Asset Management Business believes that Jonathan’s successful track record will add significant value to investors. “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,” says Amit.
Boshoff Grobler, CEO, Ashburton Investments says that the partnership will provide clients with deeper and broader access to the Indian equity markets.