Photo by: Duane Daws
Old Mutual Alternative Investments (OMAI) will acquire the 50% of African Infrastructure Investment Managers (AIIM) it does not already own, making it the sole shareholder of the Pan-African infrastructure investment manager.
The acquisition marked an important strategic milestone in the realisation of OMAI’s vision to be one of Africa’s premier alternative asset managers.
AIIM was established in 2000 as a 50:50 joint venture between OMAI and Macquarie Infrastructure and Real Assets (MIRA).
“The transaction allows Old Mutual to secure a business with strategically significant growth opportunities. The global alternative investment industry is estimated to be worth around $13-trillion by 2020 and is predicted to be the fastest-growing segment of the asset management industry globally over the next ten years.
“In addition, the African market is becoming increasingly attractive to global investors and, as an established Pan-African asset manager, AIIM is ideally positioned to capitalise on this key growth sector,” OMAI CEO Paul Boynton said.
He added that the transaction underlined Old Mutual’s overall African infrastructure strategy. “This acquisition facilitates the leveraging of AIIM’s resources and infrastructure across the broader Old Mutual Group, while also broadening Old Mutual’s geographic footprint, most notably in Africa, and introducing new client opportunities for the enhancement of cross-selling and distribution opportunities.”
AIIM CEO Jurie Swart said that Old Mutual’s strong focus on Africa was a natural fit for AIIM. “We have enjoyed a strong and fruitful relationship with MIRA for 15 years, and this transaction is a mutual decision by the shareholders to give AIIM the optimal structure to support its future growth.
“Africa is still climbing the agenda for investors worldwide and we are excited about the opportunities presented by the alignment of the Old Mutual and AIIM strategies to capitalise on this growth,” he explained.
AIIM had offices in South Africa, Nigeria and Kenya.