STEPHEN CRANSTON: Sanlam deal doesn’t move needle much for Ninety One
The R400bn transaction lifts the already mature player’s assets under management by about 15%
The growth of Ninety One under Hendrik du Toit has been impressive. The R400bn it has taken on board from Sanlam, announced last month, was the biggest single deal. Even in sterling terms, at £17bn it is onboarding much money. Yet this isn’t quite transformative. It increases the firm’s assets under management base by about 15%.
Ninety One is already a mature player in the SA market, and younger puppies such as Truffle, Laurium and Fairtree are nibbling at its ankles taking incremental market share. No doubt some of the money that moves over from Sanlam will go to the young pretenders. Pension funds and discretionary fund managers (fund selectors) will rebalance their portfolios if they are overweight in the expanded Ninety One...
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