Sanlam to buy PineBridge East Africa

SANLAM has agreed to buy the East African business of PineBridge, the leading global multiasset class asset manager.

Sanlam emerging markets chief executive Junior Ngulube said the acquisition of the company with operations in Kenya and Uganda would enable the group “to build a leading position in institutional, affluent and retail investment management across East Africa”.

The Sanlam Group provides financial services in 34 African countries.

Anthony King, regional chief executive at PineBridge Investments, said the company had sought a partner in Africa “with a strong local heritage” in order to maximise future business growth and honour fiduciary, client and employee agreements.