Sanlam expands East Africa footprint with Kenya acquisition
By MTHULISI SIBANDA
JOHANNESBURG, (CAJ News) – THE South African-headquartered Sanlam Group has announced the acquisition of a major stake in PineBridge Investments East Africa Limited (PIEAL) in Kenya.
An agreement has been reached between the subsidiary Sanlam Emerging Markets (SEM), with PineBridge Investments, a leading global multi-asset class asset manager.
The transaction is subject to regulatory approval, following which PIEAL will be rebranded Sanlam Investments East Africa Limited (SIEAL). Sanlam will then look to integrate its asset management businesses in the region.
PIEAL is a leading asset management company in East Africa with operations in Kenya and Uganda, where it is licensed by the Capital Markets Authority and the Retirement Benefits Authority in Kenya and the Ugandan Capital Markets Authority and the Uganda Retirement Benefits Regulatory Authority.
Anthony King, PineBridge Regional Chief Executive Officer (Europe, Middle East and Africa), says at the forefront of negotiations was the need to secure a buyer with a strong local heritage in order to maximise future business growth and honour fiduciary, client and employee agreements.
“Sanlam is a respected brand with a compelling regional footprint that will offer financial strength and further access to local investment opportunities,” says King.
The Sanlam Group is one of Africa’s largest financial services providers, with a market capitalization in excess of US$ 11 billion and operations in 34 African countries.
SEM CEO, Junior Ngulube, says the acquisition will increase Sanlam’s asset management presence and capability in the region and enable the group build a leading position in institutional, affluent and retail investment management across East Africa.
“The existing Sanlam businesses in East Africa will be able to leverage SIEAL’s capabilities. As the business develops, it will provide opportunities to expand geographically and develop other investment products,” says Ngulube.
– CAJ News
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