EUROPE – Ansbacher is making a push into the growing European multi-manager market and has hired Jeremy Beswick to spearhead the offensive.

Ansbacher MultiManagers (AMM), the international multi-management division of Ansbacher & Co Ltd., has a strong institutional client base in South Africa where the multi-management industry is well developed.

But explains Glyn Owen, head of AMM: “There is not much development potential left in South Africa, plus there has been a shrinkage of the pension fund industry. We started to look further afield and the UK and Europe seemed a natural market.”

Beswick, in his new role as head of business development, will develop AMM’s multi-manager and hedge fund of funds business with institutional clients in the UK and continental Europe. Before joining Ansbacher, he was president and chief executive at Birla Sun Life AMC in India. He was previously managing director of European operations at MFS.

AMM is taking its steps into Europe seriously. The decision was made last year to expand out of South Africa and the company has been working on building a foundation onto which can be added further sub-funds. Systems have been put in place, says Owen, and Beswick says the philosophy will be to achieve a high degree of alpha.

No particular countries have yet been selected as a focus of AMM’s business development, and research and marketing is going to be carried out in Europe over the coming months.

The new business will be conducted out of London initially where there is already a team of fund managers and analysts. Owen and Beswick are confident that AMM will be successful in Europe, already having a strong international and private banking background.

In South Africa, AMM has total assets under management and administration of over one billion dollars. The Ansbacher Group is part of the FirstRand Group, one of South Africa’s largest financial services groups.

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