Sanlam In Talks To Buy JPMorgan Fund Service Unit: Executive -Bloomberg News
31 January 2012 - 2:32PM
Dow Jones News
South African insurer Sanlam Ltd. (SLM.JO) is in talks to buy
JPMorgan Chase & Co.'s (JPM) fund administration unit to expand
in its home market, Bloomberg News reported Tuesday on its website,
citing Johan van der Merwe, the head of Sanlam's investment
unit.
Sanlam's investment unit is forming a joint venture with the
asset management unit of Old Mutual PLC (OML.LN) to buy the
operation, which oversees about ZAR1 trillion ($127 billion), the
report quoted van der Merwe as saying.
A spokeswoman for JPMorgan in London declined comment, while
Diane Radley, the Chief Executive Officer of Old Mutual Investment
Group in South Africa, didn't immediately respond to a telephone
message seeking comment, the report said.
Full Story:
http://www.bloomberg.com/news/2012-01-30/jpmorgan-in-talks-to-sell-south-africa-fund-business-to-sanlam-old-mutual.html
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