A&O Shearman advises Sanlam on financial services partnership with the Shriram Group

Sanlam’s partnership with Shriram Group encompasses a broad spectrum of financial services, including insurance, asset management, and wealth management. Shriram Group, headquartered in Chennai, is a market leader in India’s financial sector. Its flagship entity, Shriram Finance Limited, is listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), and is recognized as India’s second largest non-bank financial services company by assets under management and market capitalization.

As part of the transaction, Sanlam has agreed to increase its direct and indirect shareholding in Shriram General Insurance Company and Shriram Life Insurance Company by acquiring majority ownership in both businesses through the acquisition of shares from TPG India Investments and Shriram Ownership Trust. This strategic move will enable Sanlam to further consolidate its position in India’s rapidly expanding insurance sector.

In addition, Sanlam and Shriram Group have established a 50:50 joint venture, Shriram Wealth, dedicated to providing comprehensive wealth management solutions to India’s growing base of affluent and high-net-worth individuals. Shriram Wealth is targeting USD5.84 billion in assets under advice and the recruitment of 500 wealth management professionals over the next five years, with a focus on both metropolitan and emerging markets across India.

Complementing this partnership, Sanlam has also acquired a 23% direct stake in Shriram Asset Management Company, a SEBI-registered mutual fund asset manager, further enhancing its presence in India’s asset management industry.

The A&O Shearman team was led by M&A partners Harsh Pais and Seth Jones, senior associate Aviral Chauhan, and associate Akshita Jha.