{"id":7558,"date":"2012-01-31T21:24:27","date_gmt":"2012-01-31T19:24:27","guid":{"rendered":"http:\/\/www.myza.co.za\/01\/update-1-old-mutual-sanlam-in-talks-for-jpmorgan-unit\/"},"modified":"2012-01-31T21:24:27","modified_gmt":"2012-01-31T19:24:27","slug":"update-1-old-mutual-sanlam-in-talks-for-jpmorgan-unit","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-old-mutual-sanlam-in-talks-for-jpmorgan-unit\/","title":{"rendered":"UPDATE 1-Old Mutual, Sanlam in talks for JPMorgan unit"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Jan 31 (Reuters) &#8211; Insurers Old Mutual<br \/>\n  and Sanlam are in talks to set up a<br \/>\njoint venture to buy JPMorgan&#8217;s South African fund<br \/>\nadministration unit, a senior Sanlam executive said on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>The deal would give Sanlam and London-based Old Mutual<br \/>\ncontrol of the back-office unit that administers investments for<br \/>\nfund managers, said Kobus Moller, Sanlam&#8217;s financial director.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Sanlam and Old Mutual are the two biggest clients of that<br \/>\nunit, so I think it makes sense,&#8221; Moller said.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The terms still have to be decided on, so it&#8217;s still early<br \/>\nin the process.&#8221;<\/p>\n<p><span><\/span><\/p>\n<p>A spokeswoman for JPMorgan declined to comment.<\/p>\n<p><span><\/span><\/p>\n<p>The U.S. investment bank announced plans last year to boost<br \/>\nits presence in fast-growing frontier African markets with a<br \/>\nfull branch in Nigeria and representative offices in Ghana and<br \/>\nKenya to add to its regional headquarters in Johannesburg.<\/p>\n<p><span><\/span><\/p>\n<p>Although several Western banks have announced plans to bulk<br \/>\nup in Africa, some efforts appear to be delayed by the euro zone<br \/>\ndebt crisis and stricter regulations on capital.<\/p>\n<p><span><\/span><\/p>\n<p>Last November, Credit Agricole said it was<br \/>\nshutting down its 60-year-old South African investment banking<br \/>\nunit, to help it meet new capital rules.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG Jan 31 (Reuters) &#8211; Insurers Old Mutual and Sanlam are in talks to set up a joint venture to buy JPMorgan&#8217;s South African fund administration unit, a senior Sanlam executive said on Tuesday. The deal would give Sanlam and London-based Old Mutual control of the back-office unit that administers investments for fund managers, said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-7558","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=7558"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/7558\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=7558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=7558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=7558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}