Sanlam expands in East Africa with PineBridge Investments acquisition
Financial services group Sanlam has reached an agreement with asset manager PineBridge Investments, a leading global multi-asset class asset manager, which has operations in Kenya and Uganda, to acquire PineBridge’s majority stake in PineBridge Investments East Africa Limited in Kenya (PIEAL).
Junior John Ngulube (pictured), Sanlam Emerging Markets CEO, has said the acquisition will increase Sanlam's asset management presence and capability in the region, and enable the group to build a leading position. "As the business develops, it will provide opportunities to expand geographically and develop other investment products," he said.
According to Ngulube, the transaction is expected to unlock synergies that reach beyond asset management:
"The existing Sanlam businesses in East Africa will be able to leverage SIEAL's capabilities. As the business develops, it will provide opportunities to expand geographically and develop other investment products."
The transaction is subject to regulatory approval, following which PineBridge Investments will be rebranded Sanlam Investments East Africa Limited(SIEAL).