Jersey-based investment firm Ashburton is to form the international arm of a new asset and wealth management franchise for FirstRand, South Africa's second-largest banking group by assets.

Ashburton Investments will offer a wide range of investment solutions, including single manager funds, multi-manager funds, exchange-traded products and hedge fund exposure, the firm said in a statement.

As a result of greater regulatory pressure and increased costs, banks are increasingly focusing their attention on wealth management businesses.

“The financial crisis has shown the fault lines in a very traditional, single-minded approach. We are designing products tailored directly to the individual needs of institutional, HNW and private investors," said Boshoff Grobler, head of Ashburton Investments in South Africa.

Ashburton Investments has assets under management of over $10 billion and offices in South Africa, the UK, Channel Islands, United Arab Emirates and India.

In other recent news, in May, Ashburton launched a new Africa Equity Opportunities Fund aimed at retail and institutional investors, focusing on undervalued listed African equities.