Sanlam and Absa join forces to create one of SA’s largest asset managersJOHANNESBURG – Sanlam and Absa have joined forces to create one of the largest asset management businesses in South Africa.The two financial giants said they have agreed to combine their investment management businesses and create a company with assets under management, administration and advice in excess of R1 trillion.The companies said Absa will exchange its investment management business, Absa Investments, for a stake of up to 17.5 percent in the asset management company that Sanlam created with Patrice Motsepe’s African Rainbow Capital (ARC) called Sanlam Investment Holdings Proprietary Limited (SIH).SIH is a third-party asset management business in which ARC Financial Services holds a 25 percent stake. Sanlam owns the remaining 75 percent.The transaction has been rumoured for a while, but the companies kept tight-lipped about it for months.Absa Investments comprises Absa Asset Management, Absa Alternative Asset Management, Absa Fund Managers (excluding the Absa […]
Sanlam and Absa join forces to create one of SA’s largest asset managers
