Sanlam, Absa tie up on asset management

JOHANNESBURG - Sanlam and Absa have created one of the country’s largest black-owned asset managers.

The new business will have more than a trillion rand in assets under its management.

The financial services sector has come under pressure from regulators to speed up transformation.

Those leading the new unit say investment clients will benefit from the reputable history of the firms, especially in the current political and economic uncertainty.