Sanlam to buy 30% of online investment platform
Sanlam is to acquire 30% of Purple Group’s online investment platform, EasyEquities via its wholly owned subsidiary Sanlam Investment Holdings. "The rapid growth of EasyEquities has necessitated the need to seek out additional funding from a strategic partner that brings with it the necessary capital to fund the growth and development of the platform over the next 24 to 36 months," the companies said in a statement on Monday. Sanlam Investments would also broaden market access through local and overseas distribution channels, supporting EasyEquities’ international growth plans. The platform recently launched US-based exchange-traded funds (ETF) and has also made major individual stocks from the S&P 100, Nasdaq-100 and Dow Jones 30 available to South African investors. It is the first domestic stockbroker that enables investors to own fractions of shares. Launched in October 2014, it had nearly 44,000 online share trading accounts at the end of February, with funds under management o...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.