Absa will soon announce the sale of 51% of its asset manager to a BEE business. The identity of the buyer has been kept secret, but one option could be the Patrice Motsepe-owned African Rainbow Capital. Names such as Mazi Capital, AMB Holdings, Aluwani and Sphere Holdings have also all cropped up. Not all the R319bn managed by Absa will be included, just the institutional business Absa Asset Management (Abam), which has R135bn under management. The R67bn money-market fund, which is really a banking product, will be managed by the bank. The sale is not on the same scale as the split at Investec between its institutional asset manager and the rest of the group, but it is very much part of the same theme. And it follows noncore disposals over the past two years such as the sale of Absa Consultants & Actuaries to Sanlam, the sale of its short-term insurance brokerage to PSG, and the sale of its commercial intermediated short-term underwriter to Santam. Abam without the money-market fund...
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