Sanlam Kenya, a non-bank financial services institution, has secured preliminary regulatory approval to officially cease the operations of its local investment and asset management subsidiary, Sanlam Investment Limited (SIL).
The acceptance of a request for revocation of license earlier submitted to the Capital Markets Authority (CMA) – a Kenyan industry regulator – is part of ongoing strategic efforts to align Sanlam’s investment and asset management businesses in the region.
Sanlam is a leading diversified Pan-African financial services group listed on the Johannesburg and Namibian Stock Exchanges. Sanlam was established in 1918 as a life insurance company.
The larger Sanlam Group has a direct stake in operations based in South Africa, Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Malawi, Zambia, Tanzania, Rwanda, Uganda, Kenya, Ghana, Nigeria, India, Malaysia and the United Kingdom and has business interests in the USA, Australia, Burundi, Lesotho and the Philippines.
The firm said this week that following the successful integration of Sanlam Investments Limited (SIL) operations into Sanlam Investments East Africa Limited (SIEAL), the Capital Markets Authority has accepted the request for SIL to officially cease operations of its licensed activities as these are now being carried out by SIEAL. This includes management of Sanlam’s range of Unit Trusts which have been managed by SIEAL since 1 January 2018.
Sanlam Investments East Africa Limited, Chief Executive Officer, Mr. Jonathan Stichbury, while acknowledging the developments, noted that the CMA Chief Executive Paul Muthaura, had already accepted the request for revocation of a license earlier issued to Sanlam Investment Limited.
“The approval provides impetus for ongoing efforts to integrate the businesses to deliver enhanced client and shareholder value,” the firm said in its statement.
“The recent developments are aimed at integrating our asset management businesses to build an asset manager in East Africa of scale backed by solid corporate governance structures and financial stability under the Sanlam brand,” Stichbury said.
Sanlam Investments East Africa Limited 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.
The Sanlam Group is one of Africa’s largest financial services providers, with operations in 34 African countries. Their investment management businesses currently have approximately $60 billion in assets under management.