///By Monica Muema
The Sanlam Group has announced that it has received all regulatory approvals for the acquisition of a majority stake in PineBridge Investments East Africa Limited in Kenya (PIEAL, following the fulfilment of all conditions.
Following the successful conclusion of the transaction, PIEAL has been rebranded to Sanlam Investments East Africa Limited (SIEAL).
SIEAL 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 Chief Executive Officer (CEO) of Sanlam Emerging Markets, Junior Ngulube, said the conclusion of the acquisition paves the way for the Group to integrate its asset management businesses and build a regional asset manager of scale under the Sanlam brand and increase its presence and capability in East Africa. Within this region, Sanlam has operations in Kenya, Uganda, Rwanda and Tanzania.
“The integration of Sanlam Investments East Africa into the rest of the Sanlam Group and its subsequent rebrand will strengthen our profile and cement our position in institutional, affluent and retail investment management across East Africa,” he said.
“The conclusion of this acquisition brings together a combination of strengths and expertise, offering us the platform to develop investment products best suited to the region as we continue our focus on organic growth across our footprint,” Ngulube added.
“We look forward to a seamless immersion of the Sanlam brand into our business and we hope our clients will enjoy the benefits of us being part of a well-established brand across the continent and in other key markets in Europe, India and Malaysia,” commenting on the conclusion of the transaction and the rebranding, Sanlam Investments East Africa CEO, Jonathan Stichbury.
The Sanlam Group is one of Africa’s largest financial services providers, with a market capitalization in excess of US$ 10 billion (as at 20 June 2017) and operations in 34 African countries. Its investment management businesses currently have approximately US $60 billion in assets under management. The Group offers a comprehensive range of local and offshore investment products to end-investors, financial planners and institutions. Its investment options include passively and actively managed unit trusts, hedge funds as well as segregated and pooled retirement funds.
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