ICEA Lion Is Frontrunner to Buy Liberty’s Asset Manager in Kenya

(Bloomberg) -- ICEA Lion Group is the front-runner to acquire Liberty Holdings Ltd.'s asset management business in Kenya, according to people with knowledge of the matter.

The Kenyan financial-services firm is close to a deal for Stanlib Kenya Ltd., which could could see it replace Sanlam Investments East Africa Ltd. as the region's top money manager, the people said, asking not to be identified because the matter is private.

Related: Liberty in Talks to Sell Businesses to Focus on South Africa

Liberty is in talks to sell majority stakes in its health-insurance business and its asset-management operations in East and West Africa as the Johannesburg-based firm focuses on its home market. The firm's property and casualty insurance units in Malawi and Namibia are also up for grabs as the company pushes ahead with plans to improve profitability and win back market share.

Stanlib Kenya has about 130 billion shillings under management ($1.2 billion), according to the company. An acquisition would propel ICEA, whose asset management unit oversees 125 billion shillings of assets, to the country's top money manager.

ICEA Lion Group and Liberty declined to comment.

--With assistance from Roxanne Henderson.

To contact the reporter on this story: Bella Genga in Nairobi at bgenga2@bloomberg.net

To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Alastair Reed

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