On 15 February 2021 Ashburton Investments sought approval from investors for the amalgamation of the Ashburton Multi- Manager Funds with the FNB Multi-Manager Funds.
“The purpose is to consolidate the unit trust portfolio range under the FNB brand and distribution strategy,” the company says.
“The consolidation creates a focused strategy for the FirstRand group to provide investors with a wide range of risk profiled products at a single access point.”
If approved and post the amalgamation, the funds will be known as and continue as the FNB Multi-Manager Funds.
There will be no cost or loss of value to investors.
“The investment team managing the funds, as well as the philosophy and processes of the funds will remain unchanged,” the company adds.
The effective date of the proposed amalgamation is 3 May 2021.
Consent will also be sought from the Financial Sector Conduct Authority.
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