SA-Anglo asset management major Ninety One is looking to up the ante in China and the Middle East for growth after doubling down in its core markets, reporting a record of £152.1bn (R3.4-trillion) in assets under management at end-September.
The group is on course to be the first SA asset management to breach the R4-trillion assets under management mark.
The £152.1bn in assets the money manager reported on Monday represents a 19% surge over the past 12 months, boosted by £4.3bn in net inflows, including £1.9bn related to the Sanlam UK take-on.
Organic growth was largely supported by strong performance in the equities market, which grew 24% to £74.2bn. Institutional investors account for £100bn of the assets under management, with the rest made up of advisors.
CEO and founder Hendrik du Toit said there was early evidence of a demand recovery for emerging markets and differentiated active investment management.
“Over the reporting period we have strengthened our in-region capabilities in key emerging markets. Examples include the Kingdom of Saudi Arabia, where we are adding regional investment capabilities to our established client service presence, and Asia where we are developing a joint venture with a Singapore-based alternative investment firm with deep experience in the region, China in particular,” he said.
“The main purpose of this intended collaboration is to enhance our investment capabilities in this important region.”
In Southern Africa, which has had a bullish run with the JSE on a record-breaking spree, Ninety One said it intended to extend its market leadership.
“We are pleased to report that our relationship with Sanlam is already delivering. The UK transaction was completed in June 2025, contributing £1.9bn of assets under management. The SA transaction will follow later this year and bolster our position in SA.”
SA’s Competition Tribunal in September approved the merger between Ninety One and Sanlam Investment Management (SIM) subject to a range of conditions designed to “safeguard competition, protect employees and promote transformation” — conditions that have become the norm in large mergers in SA.
The transaction, first announced in November 2024, will see Ninety One add about R400bn in new assets under management.
Authorities in the UK, where SIM has assets, have already approved the deal, with about £1.9bn of SIM’s active asset management business having been transferred to Ninety One UK.
The tribunal’s approval of the deal means the transfer of SIM’s assets to Ninety One is closer to completion. After implementation, SIM will become a wholly owned subsidiary of Ninety One.
Ninety One, which shed its Investec Asset Management identity five years ago, will become Sanlam’s primary active investment manager, gaining access to an extensive retail distribution network.
In addition, Sanlam will appoint Ninety One as the permanent investment manager to manage assets for Sanlam Investments UK, a wholly owned unit of the Sanlam Group. Sanlam will serve as an anchor investor in Ninety One’s international private and specialist credit strategies that meet its investment requirements.
As consideration for the transaction, the Sanlam Group receives an equity stake of about 12.3% in Ninety One through a combination of Ninety One Ltd and Ninety One Plc shares, establishing the Sanlam Group as a long-term shareholder of Ninety One.
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