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Cape Town - Financial services group Sanlam [JSE:SLM] announced on Wednesday that it has reached an agreement with asset manager PineBridge Investments to acquire PineBridge’s majority stake in PineBridge Investments East Africa Limited in Kenya.
The transaction is subject to regulatory approval, following which PineBridge Investments will be rebranded Sanlam Investments East Africa Limited. "Sanlam will then look to integrate its asset management businesses in the region," said the statement.PineBridge is a leading asset management company in East Africa, with operations in Kenya and Uganda.
Sanlam Emerging Markets CEO Junior Ngulube said "the acquisition will increase Sanlam’s asset management presence and capability in the region, and enable the group to build a leading position".
He added: "As the business develops, it will provide opportunities to expand geographically and develop other investment products.”
Jonathan Stichbury, CEO of PineBridge Investments, said working with Sanlam will "create value for our clients and continue building the East African business”.
Sanlam's shares declined 2.72% to R70.45 as at 11:59 on the JSE.
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