Local non-bank financial services provider, Sanlam Kenya, has secured preliminary regulatory approval to officially cease the operations of its local Investment and asset management subsidiary Sanlam Investment Limited (SIL).
The acceptance of a request for revocation of license earlier submitted to the Capital Markets Authority (CMA) is part of the ongoing strategic efforts 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. 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 the 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.