Santam and Sanlam offices, north of Johannesburg. File picture: Simphiwe Mbokazi
Cape Town – Sanlam on Wednesday said it had agreed to buy the East African business of PineBridge, the leading global multi-asset class asset manager.

Sanlam Emerging Markets CEO Junior Ngulube said the acquisition of the company with operations in Kenya and Uganda would enable the group “to build a leading position in institutional, affluent and retail investment management across East Africa”.

The Sanlam Group, a financial services provider with a market capitalisation in excess of $11 billion, has operations in 34 African countries.

Anthony King, regional chief executive at PineBridge Investments, said the company had sought a partner in Africa “with a strong local heritage” to maximise future business growth as well as to honour fiduciary, client and employee agreements.

“Sanlam is a respected brand with a compelling regional footprint that will offer financial strength and further access to local investment opportunities,” he added.

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Ngulube said the transaction was expected to unlock synergies beyond asset management.

“As the business develops it will provide opportunities to expand geographically and develop other investment products.”

The transaction is subject to regulatory approval.

AFRICAN NEWS AGENCY