Sanlam Group Acquires PineBridge Investments East Africa

By Amina Faki

The Sanlam Group now owns a majority stake in PineBridge Investments East Africa Limited in Kenya (PIEAL, following the fulfillment of all conditions.

Following the successful conclusion of the transaction, PIEAL has been rebranded to Sanlam Investments East Africa Limited (SIEAL).

“With effect from today PineBridge Investments East Africa Limited (PIEAL) will officially rebrand to Sanlam Investment East Africa Limited (SIEAL),” noted Jonathan StitchBury, PineBridge Chief Executive Officer (CEO) during a media briefing in Nairobi.

In March, Sanlam announced that it has reached an agreement with PineBridge Investments, a multi-asset class manager in East Africa with operations in Kenya and Uganda where it’s licensed by the Capital Markets Authority and the Retirement and Benefits Authority. The transaction was subject to regulatory approval in both countries.

“Sanlam has received all regulatory approvals for the acquisition of a majority stake in PIEAL following the fulfillment of all the conditions.” Said Mr Junior Ngulube, the Chief Executive Officer (CEO) of Sanlam Emerging Markets.

Sanlam group is one of Africa’s largest financial services providers, with a market capitalization in excess of US$ 10 billion (as at 20 June 2017) and operations in 34 African countries. Its investment management business currently approximates to US $60 billion in assets under management.

“The integration of Sanlam Investments East Africa into the rest of the Sanlam Group and its subsequent rebrand will strengthen our profile and cement our position in institutional, affluent and retail investment management across East Africa” commented Mr Ngulube.

He added that the conclusion of the acquisition paves way for the group to integrate its asset management businesses and build a regional asset manager of scale under the Sanlam brand and increase its presence and capability in East Africa in which it has operations in Kenya, Uganda, Rwanda and Tanzania.

Mr Jonathan made public his expectations of the acquisition and re-brand of the PineBridge Investments.

“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 Malysia” he said.