Sanlam Buys out Joint Venture Partner in Innofin
Sanlam Limited
(Registration number 1959/001562/06)
Share code: SLM ISIN: ZAE000028262
Thursday, 16 October 2003
Sanlam buys out joint venture partner in Innofin
Sanlam Limited today (16 October) announced that it has reached an in principle
agreement with its joint venture partner, Macquarie Bank of Australia, to
acquire Macquarie"s 33.33% shareholding in the investment, portfolio management
and administration business, Innofin, for R90 million. The deal will be
effective on 1 November 2003.
Dr Johan van Zyl, Group CEO of Sanlam said that the Group benefited from the
partnership with Macquarie. "The joint venture enabled us to create a viable
platform from which Innofin, mainly through its SPSquared product range,
successfully established a strong position in the high net-worth market.
Innofin, as a wholly owned entity in Sanlam"s investment cluster, will enable
close co-operation between our businesses, and enhances the Group"s ability to
realise Innofin"s full potential", he said.
Innofin achieved excellent growth over the last few years. Funds under
Administration grew by 89% between June 2001 and June 2003, translating into a
40% increase in the company"s market share of the Linked Product industry.
Note
Sanlam and Macquarie Bank formed Innofin in 2000 to offer investment and
portfolio management service and to provide innovative financial products and
services to South African investors. Innofin also enables financial advisers to
manage their clients" total investment portfolios and provides intermediaries
with expert advice and service. For more on Innofin, visit www.innofin.co.za.
Date: 16/10/2003 03:25:05 PM Supplied by www.sharenet.co.za
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