JSE-listed FirstRand Bank on Tuesday said it has launched Ashburton Investments, a new generation investment management franchise.

According to Reuters, FirstRand, South Africa’s second-largest listed lender has never had an asset manager since unbundling its Momentum insurance three years ago.

Sizwe Nxasana, FirstRand CEO, said Ashburton Investments currently has over R110 billion ($10.81 billion) in assets under management (AUM).

“The idea is also to continue to increase our non-interest revenue and fee income from this business,” Nxasana said.

Nxasana added that the lender wanted to be a profound contestant in the marketplace.

In South Africa, the new business will have to compete with established wealth managers like Old Mutual and a plethora of other asset managers.

Boshoff Grobler, the head of Ashburton Investments, said the new unit will offer investors entry into non-traditional instruments.

“We’re moving into the unlisted space. We will provide local investors with access to credit assets that have traditionally sat on the bank’s balance sheets in investable format,” Grobler said.