South African Company to acquire PineBridge Investments East Africa
The Sanlam Group, through its subsidiary Sanlam Emerging Markets (SEM), has reached an agreement with PineBridge Investments
Sanlam Emerging Markets Regional Executive for East Africa Mr. Julius Magabe (left), Sanlam Group CEO Ian Kirk and Sanlam Kenya Group CEO Mr Mugo
The transaction is subject to regulatory approval, following which PIEAL will be rebranded Sanlam Investments East Africa Limited (SIEAL).
Sanlam Emerging Markets Chief Executive Officer, Mr Junior Ngulube, stated that the acquisition would increase Sanlam’s asset management presence and capability in the region and enable the Group to build a leading position in institutional.
“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,” Mr Anthony King, Regional CEO, EMEA at PineBridge Investments said.
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Mr Ngulube added that the transaction would 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,” Mr Ngulube said.
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.
The 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.
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