Absa Wealth and Investment Management has appointed Dr Nesan Nair as portfolio manager in its private client asset management team, effective 6th January 2014. Nair has over fifteen years’ financial services experience and joins Absa from FNB Private Clients, where he worked as portfolio manager for five years. During his tenure at FNB, assets under management in Nair’s division grew from R300 million to over R1.6 billion, mainly as a result of new inflows. He holds a PhD in Statistics and is a member of both the South African Institute of Financial Markets and the South African Institute of Stockbrokers.
Nomkhita Nqweni, Chief Executive, Absa Wealth and Investment Management, says “Nesan’s considerable experience, particularly with high net worth individuals, complements that of the current investment team. Our private client asset management team has undergone some staff changes over the past few months however the impact on operations has been minimal and our investment philosophy remains unchanged. We are making additional appointments to the business which will be announced in due course.”
“Our model approach to portfolio management is sound and carries minimal risk for our clients. We regularly benchmark the performance of our portfolios against the All Share Index, which our flagship Equity portfolio has consistently outperformed over the past one, two, three and five years.” Nqweni concludes.
The above mentioned team is part of the Wealth and Investment Management business unit which was recently formed through the consolidation of the Wealth Management and Investment Management businesses of Barclays Africa Group Limited. The integrated business offers retail and institutional clients access to a wide-ranging set of investment solutions and philosophies across the various investment divisions. The Wealth segment of the bank now offers a broader range of services, including private client portfolios, stockbroking, collective investment schemes platform, a Linked Investment Service Provider platform and wealth advisory services.
Nair’s appointment comes shortly after the appointment of Armien Tyer as Head of Absa Wealth and Investment Management’s Investment cluster in December, covering active, passive and alternative asset management. Armien is an expert investment professional, having fulfilled the role of Managing Director at Sanlam Investment Management for six years and served on the board for seven years.