Ashburton to promote funds in South Africa

Ashburton has been granted approval to promote its money market funds in South Africa. The company is aiming to market the funds to South African investors hesitant to invest in stock markets at present but wishing to obtain exposure to international currencies, particularly following the recent rally of the rand. Peter Lucas is manager of the funds. The portfolios launched in October 2002 and the funds have grown to over $67m and have returned 3.41%, 0.56% and 1.54% in sterling, dollar and euro respectively in the last 12 months. Trevor Falle, managing director of Ashburton, said: '...