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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