The top post will drive further integration under parent group FirstRand.

South Africa-based Ashburton Investments, the asset management arm of FirstRand Group, has appointed Sizwe Nxedlana as its new chief executive to oversee the next phase of growth and bring the parent group's financial services into closer alignment. Nxedlana is moving internally to replace Boshoff Grobler, who moved last month into a treasury role at FirstRand, one of South Africa’s largest financial services institutions.

Nxedlana has been at FirstRand for more than a decade, most recently as CEO of First National Bank (FNB) overseeing its wealth and investment business. In a statement on Tuesday, Ashburton said that Nxedlana, who was previously the FNB's chief economist, would remain as head of the bank to help drive closer integration under the parent.

Commenting on the dual role, Nxedlana said: “Integrating our investment capabilities through a single investment process and unified digital platform will be an important focus for both FNB Wealth and Investments and Ashburton Investments.”

Ashburton also has offices in the UK and the Channel Islands where it offers multi-asset and specialist equity products to global investors.

The firm has seen some senior level changes in recent months. In June the managing director of Ashburton Jersey, Tony Wilshin, stepped down amid the parent company’s ongoing efforts to restructure parts of its global operation, and as information surfaced that positions would go at the Jersey office. Wilshin was made a director of Ashburton's Channel Island business in 2016, where he was responsible for managing the firm's integrated multi-domicile platform that supports the international investment activities of the business.