Sanlam group acquires Majority stake in PineBridge East Africa

BY UPESINEWS BUSINESS REPORTER,NAIROBI,22ND MARCH 2017-The Sanlam Group, through its subsidiary Sanlam Emerging Markets (SEM), is pleased to announce that it has reached an agreement with PineBridge Investments (“PineBridge”), a leading global multi-asset class asset manager, to acquire PineBridge’s majority stake in PineBridge Investments
East Africa Limited in Kenya (PIEAL).

The transaction is subject to regulatory approval, following which PIEAL
will be rebranded Sanlam Investments East Africa Limited (SIEAL). Sanlam
will then look to integrate its asset management businesses in the region.PIEAL is a leading asset management company in East Africa with operations
in Kenya and Uganda, where it is licensed by the Capital Markets Authority and the Retirement Benefits Authority in Kenya and the Ugandan Capital
Markets Authority and the Uganda Retirement Benefits Regulatory Authority.

-Sanlam Emerging Markets Chief Executive Officer, Mr Junior Ngulube, says
the acquisition will increase Sanlam’s asset management presence and
capability in the region and enable the Group to build a leading position
in institutional, affluent and retail investment management across East
Africa.

Mr Anthony King, Regional CEO, EMEA at PineBridge Investments, says: “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. Sanlam is a respected brand with a compelling regional
footprint that will offer financial strength and further access to local
investment opportunities.”

Mr Ngulube adds that 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 Sanlam Group is one of Africa’s largest financial services providers,
with a market capitalization in excess of US$ 11 billion (9 March 2017) and
operations in 34 African countries. Their investment management
<http://www.sanlaminvestments.com/> businesses currently have approximately
US $60 billion in assets under management. Sanlam offers a comprehensive
range of local and offshore investment products to end-investors, financial
planners and institutions. Its investment options include passively and
actively managed unit trusts
<http://www.sanlaminvestments.com/personal/investments/Pages/default.aspx>,
hedge funds, and segregated and pooled retirement funds
<http://www.sanlaminvestments.com/institutional/protectionfocussedsolutions/Pages/default.aspx>
.

Mr Jonathan Stichbury, Chief Executive Officer of PIEAL adds: “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.”

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