Sanlam gets approval to wind up subsidiary

Sanlam Investments East Africa chief executive Jonathan Stichbury. PHOTO | COURTESY 

By BRIAN NGUGI

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Summary

• Sanlam said the CMA had accepted its request for revocation of licence as it seeks to “align Sanlam’s investment and asset management businesses in the region.”

Sanlam says it has secured the watchdog’s approval to officially cease operations of its local Investment and asset management subsidiary Sanlam Investment Ltd (SIL).
The firm said the Capital Markets Authority (CMA) had accepted its request for revocation of licence as it seeks to “align Sanlam’s investment and asset management businesses in the region.”

“Following the successful integration of Sanlam Investments Limited (SIL) operations into Sanlam Investments East Africa Limited (SIEAL), the Capital Markets Authority has accepted the request for SIL to officially cease operations of its licensed activities as these are now being carried out by SIEAL,” the firm said.

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“This includes management of Sanlam’s range of Unit Trusts which have been managed by SIEAL since January 1, 2018,” it added.

Sanlam Investments East Africa chief executive Jonathan Stichbury, said the approval provides “impetus” for the firm’s ongoing efforts to integrate the businesses to deliver “enhanced client and shareholder value.”