In order to achieve the type of scale needed to drive the product and service innovation required to meet clients’ financial goals, Sanlam and Absa have been given the go-ahead to combine their investment and management businesses in the country.
The financial giants confirmed this on Friday, stating that all suspensive conditions have been successfully met. Sanlam is now the majority owner of the combined entity.How the combination will work? Sanlam’s Finola Quarsingh explained that Absa will exchange Absa Investments – its investment management business which comprises Absa Asset Management, Absa Alternative Asset Management, Absa Fund Managers and Absa Multi-Management – for a stake in Sanlam Investment Holdings Proprietary Limited .
“The conclusion of the transaction will strengthens SIH’s offering through enhanced scale, broader distribution reach and a wider range of investment solutions. This further enhances SIH’s position as one of South Africa’s largest black-owned asset managers,” Quarsingh explained.Both entities have also entered into a 10-year distribution agreement. This means they the expanded operations will utilities the distribution networks of both Sanlam and Absa.
“Absa remains committed to the investment management sector through its shareholding in the combined entity and a 10-year distribution agreement, which will help us to offer an enhanced customer value proposition by creating a deeper, broader range of investment solutions for our clients.
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Fonte: News24 - 🏆 4. / 80 Consulte Mais informação »