Old Mutual, Sanlam eye JP Morgan unit | Fin24
 
  • Solly Moeng

    Give business owners a reason to stay in South Africa.

  • Pravin Gordhan

    The minister says SA is paying more for electricity because of theft at Medupi and Kusile.

  • Keep Flying the Flag

    The ANC says the state must keep a 'restructured' SAA as a national airline.

Loading...

Old Mutual, Sanlam eye JP Morgan unit

Jan 31 2012 09:17
Reuters

Johannesburg - Insurers Old Mutual [JSE:OML] and Sanlam [JSE:SLM] are in talks to set up a joint venture to buy JPMorgan’s South African fund administation unit, a senior Sanlam executive said on Tuesday.

The deal would give Sanlam and London-based Old Mutual control of the back-office unit that administers investments for fund managers, said Kobus Moller, Sanlam's financial director.

“Sanlam and Old Mutual are the two biggest clients of that unit, so I think it makes sense,” Moller said.

“The terms still have to be decided on, so it’s still early in the process.”

Bloomberg reported the sale of the unit on Monday, citing another Sanlam executive, Johan van der Merwe.

No one was immediately available for comment at JP Morgan's offices in South Africa.

 

jp morgan  |  sanlam  |  old mutual

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

SABudget on Twitter

Twitter icon

Join the Fin24.com conversation by using SABudget every time you tweet.

Loading..

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...