PineBridge Investments Africa Ltd (PIEAL) Chief Executive Officer Mr Jonathan Stichbury will continue holding the position under terms of an agreement that saw South African-based Sanlam Group obtain a majority stake in the asset management firm.
The company has been re-branded Sanlam Investment East Africa Limited (SIEAL) following conclusion of the acquisition.
“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,” said Mr Stichbury on Thursday.
SIEAL, is a leading asset management company in East Africa with operations in Kenya and Uganda, with 20 per cent and 40 per cent market share respectively in both countries, according to the CEO of its subsidiary, Sanlam Emerging Markets, Mr Junior Ngulube.
Ngulube said that the acquisition paves way for the group to integrate its asset management business 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 SIEAL into the rest of Sanlam Group and its subsequent rebrand will strengthen our profile and cement our position in institutional, affluent and retail investment management across East Africa,” said Ngulube.
“The conclusion of this acquisition brings together a combination of strengths and experience, offering us the platform to develop investment products best suited to the region as we continue our focus on organic growth across our footprint.”
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The Sanlam group is one of Africa’s largest financial service providers, with a market capitalisation in excess of Ksh1 trillion(as of June 2017) and operates in 34 African countries. On the other hand, SIEL has assets under management worth Ksh200 billion. The investment management businesses for Sanlam Group amount to over Ksh6 trillion in assets under management.
The new acquisition, which kicked off in March, adds to its wide range of business clusters that include Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Santam and the newly-established Sanlam Corporate.