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Sanlam’s takeover of Absa investment unit will create BEE asset management giant

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Absa Financial Service will exchange its investment business for a 17.5% stake in Sanlam Investment Holdings

Absa has agreed to exchange its investment business for a 17.5% stake in Sanlam Investment Holdings, the newly empowered asset management unit of financial services group Sanlam.

Sanlam sold a 25% stake in its third-party asset management business to Patrice Motsepe's African Rainbow Capital Financial Service for R815m in late 2020. Though Sanlam retained a 75% shareholding in the Sanlam Investment business, it still qualifies as a black-owned asset manager in terms of the the financial sector charter...

 

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