Sanlam, South Africa’s largest asset manager with AUM of $80bn, has entered a strategic partnership with Shriram Asset Management Company Limited (Shriram AMC) to grow its presence in the Indian asset management market.
The partnership has been confirmed through a share purchase. Sanlam Emerging Markets (Mauritius) Limited (SEMM) has taken a 23% direct stake in Shriram AMC by way of a preferential allotment of 38.89 lakh, raising ₹105 crore in growth capital ($12.3m). Sanlam also joins as a co-promote alongside existing promotor Shriram Credit Company Limited (SCCL). The total promotor shareholding has increased to 71.17%, from 2.55%, and Shriram AMC’s Board will be reconstituted to include Sanlam’s representatives.
Together, the partners are looking to deliver solutins into the Indian asset management market across all segments.
Kartik Jain (pictured), MD & CEO, Shriram AMC, said: “This partnership is more than capital—it’s a strong endorsement of our quantamental approach that fuses data science with fundamental insights. Leveraging its expertise in both quantitative and fundamental analysis, Sanlam will enhance the sophistication of Shriram AMC’s investment processes and help deliver relevant and differentiated investment solutions to the right customer segments. As a result, this strategic partnership will further strengthen the key pillars of our strategy covering the 3Ps of Performance, Products and Placement.”
Shriram Group, in which Shriram AMC is a part, previously secured an investment from Mission1 Investments LLC, which acquired a 23% stake in Shriram AMC in 2022. Building on that momentum, the Group is now deepening its AMC business with Sanlam’s strategic investment, reaffirming its commitment to creating a future-ready and inclusive asset management platform.
Carl Roothman, CEO of Sanlam Investments, Sanlam’s asset manager, said: “We see India as a strategic growth market, and our partnership with Shriram AMC reflects our commitment to co-creating investment excellence, particularly in emerging markets. With over two decades of successful collaboration between the Shriram Group and Sanlam, this partnership builds on a long-standing legacy of trust, and a mutual vision to create impactful investments that benefit society.”
Gaurav Patankar, Managing Partner & CIO, Mission1 Investments, said: “We could not be more excited to have someone like Sanlam join in not just as an investor but also as a co-promoter. To have two promoters with depth, expertise and pedigree that have a long history of working together can only mean strong long term value creation for shareholders. The opportunity landscape in asset management is as interesting if not more than it was in 2022 when we made our initial investment. We see the long-term value creation opportunity here as exciting and exponential.”
Shriram Asset Management Company Limited, was incorporated in 1994. The company received approval from SEBI to act as the Asset Management Company of Shriram Mutual Fund. It offers a mixed product line comprising hybrid, equity, and debt funds, applying a “quantamental” approach — blending quantitative analysis with fundamental research.
The Sanlam Group listed on the Johannesburg Stock Exchange (JSE), Namibian Stock Exchange and A2X Markets Limited. The group provides comprehensive and bespoke financial solutions to institutional clients and consumers across all market segments, including life and general insurance, health, financial planning, retirement, investments, wealth management and credit. Established in 1918, Sanlam operates in 31 countries and is the largest nonbanking financial services group in South Africa.
