Sanlam enters asset management deal with Ninety One [Yahoo! Finance]
SANLAM LTD S/ADR (SLLDY)
NASDAQ:AMEX Investor Relations:
sanlam.com/investorrelations
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Source: Yahoo! Finance
The agreement will make Ninety One the primary active investment manager for Sanlam's single-managed local and global products. It will also facilitate the execution of various operative agreements to formalise the 15-year relationship. This partnership involves Ninety One acquiring all issued shares in Sanlam Investment Management, and Sanlam, in return, receiving an approximate 12.3% equity stake in Ninety One. Sanlam will also appoint Ninety One as the permanent investment manager for assets managed by Sanlam Investments UK, a subsidiary of the Sanlam Group. The partnership will see Sanlam become an anchor investor in Ninety One's international private and specialist credit strategies. Ninety One, with its origins in South Africa and a global presence, will gain preferred access to Sanlam's distribution network. This move is expected to expand Ninety One's market reach and accelerate the expansion of its international private credit offerings. Ninety One founder and CEO
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