Deal will create a black-owned investment behemoth that will be among the largest players in a sector under pressure from government to transform
Absa and Sanlam have agreed to merge their investment businesses in a deal that is set to create a black-owned asset manager with more than R1-trillion in assets under management .
The agreement, which will put the entity in prime position to attract money from institutions that have come under pressure to allocate flows into black-owned companies, will see Absa merge its investment business with Sanlam Investment Holdings, in exchange for a 17.5% stake in the newly empowered asset manager...
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