Sanlam Kenya has secured preliminary regulatory approval from Capital Markets Authority (CMA) to officially cease the operations of its local investment and asset management subsidiary Sanlam Investment Limited (SIL).
This follows the successful integration of SIL operations into Sanlam Investments East Africa Limited (SIEAL). This includes management of Sanlam’s range of Unit Trusts which have been managed by SIEAL since 1 January 2018.
Sanlam Investments East Africa Limited, Chief Executive officer, Mr. Jonathan Stichbury, while acknowledging the developments, noted that the CMA Chief Executive Paul Muthaura, in a Kenya Gazette Notice No 2548, dated 16 March 2018 has accepted the request for revocation of a license earlier issued to Sanlam Investment Limited.
The approval provides impetus for ongoing efforts to integrate the businesses to deliver enhanced client and shareholder value.
“The recent developments are aimed at integrating our asset management businesses to build an asset manager in East Africa of scale backed by solid corporate governance structures and financial stability under the Sanlam brand,” Stichbury said.