Upon completion of the deal, PineBridge Investments will be rebranded to Sanlam Investments East Africa Limited.
Sanlam already owns a 68 per cent stake in Sanlam Kenya, formerly Pan African Holdings.
South African financial services group Sanlam plans to acquire a majority stake in Kenya’s largest fund manager by portfolio value, PineBridge Investments East Africa Limited.
The insurer did not disclose the worth of the deal, which is pending regulatory approval, or the exact stake it is gunning for in the asset manager with operations in Kenya and Uganda.
Upon completion of the acquisition, PineBridge Investments will be rebranded to Sanlam Investments East Africa Limited, the Johannesburg-listed firm said in a statement Wednesday.
“Becoming part of the Sanlam Group offers our clients and staff new opportunities. We look forward to working with Sanlam to create value for our clients and continue building the East African business,” Jonathan Stichbury, the regional chief executive of PineBridge said of the deal.
The South African firm already owns a 68 per cent stake in Sanlam Kenya, formerly Pan African Holdings.
The Kenyan unit already has a presence in the fund manager business through its subsidiary Pan Africa Asset Managers.
