Sanlam Emerging Markets (SEM), a subsidiary of the Sanlam Group has reached an agreement to acquire a majority stake in PineBridge Investments East Africa Limited (PIEAL) in Kenya.
PineBridge is a leading global multi-asset class asset management company with operations licensed by the Capital Markets Authority and the Retirement Benefits Authority in Kenya; and in Uganda by the Ugandan Capital Markets Authority and Uganda Retirement Benefits Regulatory Authority.
Junior Ngulube, Chief Executive, Sanlam Emerging Markets says the move is aimed at increasing the company’s regional asset management presence and capability as well as enable it to gain a competitive edge in institutional, affluent and retail investment management in East Africa.
The Sanlam Group is a diversified pan-African financial services group with operations and interests in 34 African countries including Kenya, Nigeria and Zimbabwe. It is listed on the Johannesburg and Namibian Bourses.
As at 9 March 2017, its market capitalization stood at over $11 billion. The Group’s investment management businesses are valued at $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,” Anthony King, Regional CEO EMEA, PineBridge Investments said.
King added that PineBridge believes Sanlam will leverage its strong local heritage to maximize future business growth and honour fiduciary, client and employee agreements.
The Sanlam Group will rebrand PIEAL to Sanlam Investments East Africa Limited (SIEAL) and then look to integrate its asset management businesses in the region.
The transaction is subject to regulatory approval.