Sanlam Group to expand its East African footprint with acquisition of PineBridge Investments EA
In matters acquisition, Sanlam Group through its subsidiary Sanlam Emerging Markets (SEM) has reached an agreement with PineBridge Investments to acquire PineBridge’s majority stake in PineBridge Investments East Africa Limited (PIEAL) in Kenya. Once the acquisition is complete, PineBridge Investments East Africa Limited (PIEAL) will rebrand to Sanlam Investments East Africa Limited (SIEAL). The two have not disclosed how much the deal is worth. The transaction is pending regulatory approval.
“Becoming part of the Sanlam Group offers our clients and staff new opportunities. We look forward to working with Sanlam to create value for our clients and continue building the East African business.”
-Mr.Jonathan Stichbury, CEO, PineBridge Investments
PIEAL is a leading asset management company in East Africa. The firm has operations in both Kenya and Uganda. Here in Kenya it is licensed by the Capital Markets Authority and the Retirement Benefits Authority while in Uganda it is licenced by the Ugandan Capital Markets Authority and the Uganda Retirement Benefits Regulatory Authority.
“We looked for a partner in Africa who could best continue to work with our clients on the continent and we are pleased to have been able to complete this transaction with Sanlam. At the forefront of our negotiations was the need to secure a buyer with a strong local heritage in order to maximise future business growth and honour fiduciary, client and employee agreements.”
-Mr.Anthony King, Regional CEO, PIEAL
“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.”
-Mr.Junior Ngulube, CEO, SEM
Sanlam Emerging Markets (SEM) is a leading global multi-asset class asset manager. Sanlam Group has a market capitalization in excess of $11 billion as at 9th March, 2017 and operates in 34 African countries with approximately $60 billion in assets under management.
