Fund giant Fidelity International is to co-manage the $850 million (€691.6 million) multi-asset funds of Ashburton International following a strategic agreement.
Jersey based firm Ashburton will maintain responsibility for global macro views, tactical asset allocation and client distribution of the range while Fidelity’s multi-asset team will provide advisory services on security and fund selection, as well as support the implementation of asset allocation decisions. Strategic asset allocation will be driven jointly by both firms.
Client relationships, distribution and service will remain Ashburton’s responsibility.
Ashburton said the agreement would increase the quality of the funds.
“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,” Boshoff Grobler, chief executive of Ashburton Investments, said.
Grobler also said that Fidelity’s “market-leading” research capability and specialist knowledge in global asset allocation and security selection would also strength the offering.
Fidelity International has around $324.5 billion of assets under management compared to Ashburton’s £5.8 billion (€6.6 billion).
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