Skandia acquired by South African
Swedish-owned platform provider Skandia has been acquired by South African financial services giant Old Mutual.
The acquisition, which sees Old Mutual take a 90 per cent shareholding in Skandia, will make South Africa’s largest life insurer and asset manager one of the largest investment companies in the world, with a market capitalisation of close to $23 billion and funds under management of $450 billion.
“The acquisition of Skandia has given us immediate access to a number of key markets, including Australia, and we fully intend to capitalise on this opportunity to expand operations in each of these markets,” said Old Mutual chief executive Hasan Askari.
Old Mutual, which owns funds management company Selestia, said it was “particularly keen” on Australia’s compulsory superannuation environment, which it described as “pioneering and revolutionary”.
Askari said Skandia is well positioned to become a formidable force in the Australian savings market.
Skandia chief executive Australia Ross Laidlaw said: “We are excited about the many opportunities and sheer strength our new owner brings to this market.”
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