Assets under management (AUM) at SIEAL currently stand at Sh200 billion, dwarfing portfolios of Sanlam’s regional insurance subsidiaries.
Sanlam Kenya, for instance, held assets of Sh20 billion as of December 2016.
South Africa’s insurance group Sanlam has acquired a 75 per cent stake in asset manager PineBridge Investments East Africa, which will be rebranded to Sanlam Investments East Africa Limited (SIEAL).
Sanlam had previously announced it was acquiring a majority shareholding in SIEAL but did not specify the stake it was gunning for in the transaction whose value was also not disclosed.
The CEO of Sanlam Emerging Markets, Junior Ngulube, yesterday said the conglomerate had acquired three-fourths of the asset manager after obtaining regulatory approvals.
The deal is a move by the multinational to boost its asset management business which earns fees paid by institutional investors and high-net-worth individuals seeking specialist investment expertise.
Assets under management (AUM) at SIEAL currently stand at Sh200 billion, dwarfing portfolios of Sanlam’s regional insurance subsidiaries.
Sanlam Kenya, for instance, held assets of Sh20 billion as of December 2016.
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