Last week, the South African-owned asset manager put a new CEO in place and is now creating a new C-suite role to charge up its investment strategy.

In a new role starting in April 2020, Ashburton Investments, the asset management business of FirstRand Limited, has appointed equities speclalist Patrice Rassou as chief investment officer.

The announcement follows fresh on the heels of the asset manager installing a new CEO to consolidate investment activity under South African parent FIrstRand, one of the country's largest financial services groups that counts First National Bank in its stable. The group said that creating the CIO role follows a review of its strategic positioning to scale the business to full capacity.

FirstRand COO Mary Vilakazi said that attracting someone of Rassou's calibre was “a coup” for the firm, demonstrating how serious it was about "building a competitive and innovative asset management business."

Rassou joins Ashburton from UK wealth manager Sanlam Investment Managers, where he was head of equities. Before that, he worked at Thesele Group, Old Mutual Asset Management and PwC. He holds an MSc in economics from the London School of Economics, an MBA from Manchester Business School and is a chartered accountant.

The innovative culture and talent were the main draws, he said. “These are two key ingredients to building a successful investment management business, and I hope to do my part in contributing to the group’s important diversification strategy.”