MAJORITY STAKE DEAL
Sanlam expands East Africa presence
Sanlam Emerging Markets will acquire PineBridge Investments’ majority stake in PineBridge Investments East Africa
Sanlam will gain about $2bn in assets with the acquisition of a majority stake in PineBridge Investments East Africa, bolstering plans to become a sizeable asset manager in the region. Sanlam Emerging Markets (SEM) would acquire PineBridge Investments’ majority stake in PineBridge Investments East Africa, which had operations in Kenya and Uganda, Sanlam said on Wednesday. This was subject to regulatory approval. PineBridge Investments is a New York-headquartered global asset manager with $82.7bn in assets under management. It services investors in SA, keen to invest offshore, from its Cape Town office, which is not part of the sale and remains open. On December 31 2016, PineBridge Investments East Africa had $2bn in funds under management. The business, which will house SEM’s asset management businesses in the region, will be rebranded Sanlam Investments East Africa, Sanlam said. Sanlam has insurance businesses in Kenya, Uganda, Rwanda and Tanzania, with an asset management business...
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