The global investment company has been granted a Category 1 Financial Services Provider licence that will allow it to offer global investment services directly to South African clients. It already has a number of funds approved for distribution in South Africa by the FSCA. The FSCA recently approved a fifth fund, the Global Smaller Companies Fund, under its Luxembourg-domiciled Schroders International Selection Fund (SISF) series.
Schroders has had a presence in South Africa since 2015 and until now has operated in partnership with Argon Asset Management in the institutional market. Schroders will continue to work with Argon on clients acquired through that partnership and will also continue to work with ABSA Asset Management to provide a range of ZAR-denominated feeder funds.
The company has hired Kondi Nkosi as head of business development in Gauteng (reporting to Doug Abbott, country head of Schroders, who is based in Cape Town) and will focus on building relationships with institutional clients.