Sanlam Investments East Africa Limited has moved to dispel concerns over its financial stability following reports of the winding up of a similarly named subsidiary, highlighting the robust performance of its KES 460bn asset management business.
The Nairobi-based investment firm issued a statement on Friday in response to a Business Daily article that reported the winding up of three subsidiaries related to Sanlam Kenya Plc, including one referred to as “Sanlam Investments Limited”.
Jonathan Stichbury, Managing Director and CEO of Sanlam Investments East Africa Limited, clarified that the winding-up proceedings relate to Sanlam Investment Limited, a separate entity that ceased operations in 2017, and not to his firm.
“We would like to unequivocally state that the winding up proceedings are related to Sanlam Investment Limited, which ceased day to day operations in 2017 and is a separate and distinct company from Sanlam Investments East Africa Limited,” Mr Stichbury said.
The confusion stems from the similarity in names between the two entities, a point acknowledged by Sanlam. The company expressed concern that the article may have caused undue alarm among its clientele and sought to provide clarity on its current operations and financial health.
Sanlam Investments East Africa Limited, which manages over KES 460 billion in assets, emphasized its strong financial performance and stability. The firm pointed to its latest financial statements for the year ending December 2023, which demonstrated continued growth in revenues and profitability.
“Our commitment to providing exceptional investment services and maintaining the highest standards of financial management remains unwavering,” Mr Stichbury added, underlining the company’s focus on client interests and investment security.
The clarification comes at a time when investor confidence is particularly sensitive to news of financial instability.
The company stated it is actively engaging with Business Daily to correct the misinformation and prevent further misunderstanding.
