NAIROBI, Kenya, Mar 22 – The Sanlam Group, through its subsidiary Sanlam Emerging Markets is set to acquire a majority stake in PineBridge Investments East Africa Limited in Kenya.
The group has announced that it has reached an agreement with PineBridge Investments, a multi-asset class asset manager 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.
The transaction, which is subject to regulatory approval in Kenya and Uganda, will see PineBridge Investments rebranded to Sanlam Investments East Africa Limited.
Sanlam will then look to integrate its asset management businesses in the region.
Sanlam Emerging Markets Chief Executive Officer 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.
“The existing Sanlam businesses in East Africa will be able to leverage Sanlam Investments East Africa Limited capabilities. As the business develops, it will provide opportunities to expand geographically and develop other investment products,” Ngulube notes.
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.
Their investment management businesses currently have approximately US $60 billion in assets under management.
“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,” said Anthony King, Regional CEO, EMEA at PineBridge Investments.