Transfer of Sanlam UK to Ninety One set to complete

(Sharecast News) - Ninety One confirmed on Friday that the UK component of its strategic asset management partnership with Sanlam was set to complete on Monday 16 June. The FTSE 250 company said the transaction involved the transfer of Sanlam Investments UK's active asset management business to Ninety One UK.

Under the terms of the agreement, Ninety One UK would become the primary active asset manager for a designated portion of Sanlam's UK assets under management.

As consideration, Ninety One said it would issue and allot 13,675,595 new shares to Sanlam Investments UK.

The shares were expected to be admitted to trading on both the London and Johannesburg stock exchanges on Tuesday 17 June at 0800 BST and 0900 SAST, respectively.

At 1135 BST, shares in Ninety One Group were down 3.35% at 173p.

Reporting by Josh White for Sharecast.com.