Sanlam Group, through its subsidiary Sanlam Emerging Markets (SEM), has reached an agreement with PineBridge Investments (“PineBridge”), a leading global multi-asset class asset manager, to acquire PineBridge’s majority stake in PineBridge Investments East Africa Limited in Kenya (PIEAL).
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.
Sanlam Emerging Markets Chief Executive Officer, Mr Junior Ngulube, says the acquisition will increase Sanlam’s asset management presence and capability in the region and enable the Group to build a leading position in institutional, affluent and retail investment management across East Africa.
Mr Anthony King, Regional CEO, EMEA at PineBridge Investments, says: “We looked for a partner in Africa who could best continue to work with our clients on the continent and we are pleased to have been able to complete this transaction with Sanlam. At the forefront of our 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.”
Mr Ngulube adds that the transaction is expected to unlock synergies that reach beyond asset management. “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.”
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Sanlam Group is one of Africa’s largest financial services providers, with a market capitalization in excess of US$ 11 billion (9 March 2017) and operations in 34 African countries with approximately US $60 billion in assets under management.
Mr Jonathan Stichbury, Chief Executive Officer of PIEAL adds: “Becoming part of the Sanlam Group offers our clients and staff new opportunities. We look forward to working with Sanlam to create value for our clients and continue building the East African business.”
(Press Release)
