NAIROBI, Kenya, Jul 13 – Sanlam Group is set to merge its investment entities following the acquisition of PineBridge Investment East Africa.
Sanlam Emerging Markets Chief Executive Junior Ngulube says that consolidation is on the way after the firm successfully concluded 70 percent acquisition of PineBride having received all the necessary approvals.
Sanlam Group owns Sanlam Kenya that is listed on the Nairobi Securities Limited and has an investment arm.
The group also owns Sanlam Emerging Markets, the arm that acquired PineBridge Investments East Africa.
“We first wanted to bring PineBridge to the Sanlam family. We are soon seeking approval for the merger since Sanlam Kenya is a listed entity,” Ngulube told Capital FM Business.
Following the acquisition, PineBridge Investments East Africa will rebrand to Sanlam Investments East Africa Limited.
The current PineBridge Investments East Africa Jonathan Stichbury will continue to run the new entity.
As at July 2017, PineBridge Investments East Africa had a portfolio of Sh200 billion of assets under management.
“The integration of Sanlam Investments EA into the rest of the Sanlam Group and its subsequent rebrand will strengthen our profile and cement our position in institutional, affluent and retail investment management across East Africa,” he said.
Sanlam Kenya has over Sh200 billion assets under management.
“We look forward to a seamless immersion of the Sanlam brand into our business and we hope our clients will enjoy the benefits of us being part of a well-established brand across the continent and in other key markets in Europe, India and Malaysia,” said the Jonathan Stichbury CEO of the new entity, Sanlam Investment East Africa.
Sanlam group is one of Africa’s largest financial services providers with a market capitalization in excess of US$10 billion as at June 2017 and operations in African countries.