South African Asset Management Firm Centres Global HQ On Jersey

Tax-News.com, London

20 September 2001

South African financial giant FirstRand Group, one of the largest listed companies on the Johannesburg Stock Exchange, is consolidating its entire international asset management capability through a new head office in Jersey.

The formation of this new operation in Jersey is a result of FirstRand's strategic initiative to substantially enhance its international asset management offering, both for its South African and international client bases. The establishment of FirstRand International Asset Management Limited (FRIAM) is the final stage in the acquisition of Jersey General Group Holdings Limited, the Jersey-based financial services group which employs more than 100 staff worldwide, the majority of whom are at Ashburton in Jersey.

The acquisition and establishment of FRIAM, effective from 1st July, is the culmination of a process which began in March 1998, when the South African company took their initial stake in Jersey General. FirstRand became the
majority shareholder in July of last year.

All of the FirstRand Group's international asset management activities will, subject to the necessary regulatory approvals, be consolidated under the FRIAM banner and will comprise of offices in Jersey, London, Isle of Man and other European centres.

The Chief Executive of FRIAM will be James Baudains, a main Board Director of FirstRand Asset Management (PTY) Limited, the holding company of the Group. He is the current Chief Executive of Jersey General Group and non-executive Director of Ansbacher Holdings and Ansbacher Channel Islands, also subsidiaries of the FirstRand Group. He said:

"As a result of this development, FRIAM will become the single provider of international asset management services to the entire FirstRand Group. FirstRand's asset management capabilities in London, together with the various structures in place globally for the benefit of our South African and international clients, will in future be co-ordinated centrally through our offices in Jersey. Assets under management on day one will total approximately US$3 billion. For the Island, the decision to locate in Jersey is a significant endorsement of its standing within the global financial services marketplace."

Ashburton's status will be substantially enhanced by this development and will continue to be led by Managing Director, Trevor Falle, who also has a seat on the board of FRIAM. Tim Bettany and Derek Breed, the founders of Ashburton, will become non-executive directors on the new board.

Trevor Falle comments: "Ashburton has enjoyed and benefitted immensely from its connection with FirstRand for three years now. During last year, in support of business growth, Ashburton opened its own offices in Cape Town, Johannesburg and Antwerp. The change of name of the Jersey General Group to FirstRand International Asset Management Limited transforms the scale of opportunity for the development of Ashburton's international investment management business and we are all very excited by the prospect."

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