EMPOWERMENT
Absa-Sanlam asset manager’s BEE status puts it in prime spot
Deal will create a black-owned investment behemoth that will be among the largest players in a sector under pressure from government to transform
05 October 2021 - 09:11
UPDATED 05 October 2021 - 23:27
Absa and Sanlam have agreed to merge their investment businesses in a deal that is set to create a black-owned asset manager with more than R1-trillion in assets under management (AUM).
The agreement, which will put the entity in prime position to attract money from institutions that have come under pressure to allocate flows into black-owned companies, will see Absa merge its investment business with Sanlam Investment Holdings, in exchange for a 17.5% stake in the newly empowered asset manager...
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