(Bloomberg) -- Sanlam Investments, owned by Sanlam Ltd., is creating a new asset management company that plans to put aside part of its revenue to help protect rhinos in South Africa's Kruger National Park.
Amplify, as the new entity is known, will have 8 billion rand ($547 million) under management made up of funds transferred from elsewhere in the Cape Town-based company, the unit's head, Marthinus Van der Nest, said by phone.
“We have identified the right managers that will be able to generate higher levels of returns in a tougher economic environment,” he said. “The more we can generate in growth and returns, the bigger impact we will have with our plans for community projects and rhino conservation.”
While Amplify will focus its investments on South African assets, it has plans to create an international arm, according to head of strategy Richard Bray. The unit will invest about 5% of revenues in its education and conservation plans. The venture has received approvals from the Financial Sector Conduct Authority.
--With assistance from Roxanne Henderson.
To contact the reporter on this story: Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net
To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, John Bowker, Alastair Reed
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