Sanlam Emerging Markets, part of the Sanlam Group, has agreed to acquire a majority stake in Kenya-based PineBridge Investments East Africa (PIEAL) for an undisclosed sum.
PIEAL has operations in both Kenya and Uganda. The firm is licensed by the Capital Markets Authority and the Retirement Benefits Authority in Kenya along with the Ugandan Capital Markets Authority and the Uganda Retirement Benefits Regulatory Authority.
Sanlam Emerging Markets CEO Junior Ngulube said that the transaction would allow Sanlam to strengthen its institutional, affluent and retail investment management position across East Africa.
“The existing Sanlam businesses in East Africa will be able to leverage SIEAL’s capabilities. As the business develops, it will provide opportunities to expand geographically and develop other investment products,” Ngulube noted.
PIEAL will be rebranded as Sanlam Investments East Africa (SIEAL) as part of the deal, which is subject to regulatory nod. Sanlam eventually plans to integrate its asset management operations in the region.
PineBridge Investments regional CEO for EMEA Anthony King said: “At the forefront of our negotiations was the need to secure a buyer with a strong local heritage in order to maximise future business growth and honour fiduciary, client and employee agreements. Sanlam is a respected brand with a compelling regional footprint that will offer financial strength and further access to local investment opportunities.”