OLD Mutual has acquired full ownership of African Infrastructure Investment Managers as it looks to bolster its asset management base and tap into lucrative returns from infrastructure investments in Africa.
The firm has funds under management of $1bn and invests in renewable energy, communication infrastructure, toll roads, airports, ports and pipelines.
"This is another important step in achieving Old Mutual’s aim of becoming an African financial services champion," said Old Mutual emerging Markets CEO Ralph Mupita.
Infrastructure investment in Africa is a significant growth area and this acquisition would give Old Mutual full ownership of one of Africa’s leading infrastructure investment managers.
African Infrastructure Investment Managers, which has offices in SA, Kenya and Nigeria, was started 15 years ago as a 50/50 joint venture between the Macquarie Group and Old Mutual Investment Group.