CDPQ buys stake Sura Asset Management for $247 mln

La Caisse de dépôt et placement du Québec said Dec. 21 that it acquired a minority of Grupo SURA‘s subsidiary Sura Asset Management for $247 million. The sellers are Bancolombia and Grupo Wiese. Sura Asset Management provides financial services to nearly 20 million clients in Mexico, Colombia, Peru, Chile, El Salvador and Uruguay.

PRESS RELEASE

MEDELLÍN, Colombia and MONTRÉAL, Dec. 21, 2018 /CNW Telbec/ – La Caisse de dépôt et placement du Québec (CDPQ) and Grupo de Inversiones Suramericana S.A. (Grupo SURA) have announced today the acquisition by CDPQ of a strategic minority interest in Grupo SURA’s subsidiary SURA Asset Management (SURA AM), one of Latin America’s leading financial institutions with US$135 billion in assets under management. CDPQ will acquire the participation in SURA AM from sellers Bancolombia and Grupo Wiese, for a total amount of US$247 million, following regulatory approval.
SURA AM offers financial services to nearly 20 million clients in Mexico, Colombia, Peru, Chile, El Salvador and Uruguay. Through this new investment and enhanced strategic partnership, SURA AM will pursue a sustainable growth strategy in the investment, savings and pension fund management sectors throughout Latin America.
This transaction is a new step in the growing relationship between Grupo SURA, one of Colombia’slargest multinational holding companies, and CDPQ, a leading global institutional investor managing nearly US$235 billion in assets. Since 2015, both organizations have invested jointly in Mexican infrastructure projects through a dedicated local platform, and participated in the financing of other infrastructure projects in Colombia.
“Grupo SURA is one of our most strategic partners in Latin America. Together, we have made major investments through innovative infrastructure platforms focused on long-term, sustainable growth. This transaction further strengthens our partnership with Grupo SURA and increases our presence in one of Colombia’s most promising sectors – financial services. With this transaction, our investments in the country have reached US$1 billion in 2018,” said Michael Sabia, President and CEO, CDPQ.
With a workforce increasingly contributing to pension plans and middle class consolidation, Latin America becomes a region with a growing potential in terms of financial services. It offers solid long-term growth prospects to companies providing savings and investment solutions such as SURA AM.
“SURA AM and its parent, Grupo SURA, both believe that a long-term partnership with CDPQ, a like-minded institutional investor, will bring benefits such as exchanging ideas and strategies in the asset management space and partnering in evaluating opportunities for expansion in the region,” said David Bojanini, CEO, Grupo SURA. “This transaction shows the increasing international recognition of SURA AM as Latin America’s leader in asset management,” added Ignacio Calle Cuartas, CEO, SURA AM.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held nearly US$235 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
ABOUT GRUPO SURA
Grupo de Inversiones Suramericana, parent company for Grupo Empresarial SURA, is a Latin American company that is traded in the Colombian Stock exchange (Bolsa de Valores de Colombia – BVC) and is registered with the ADR – Level I program in the United States. It is the only company in the diverse financial services area in Latin America to be part of the Dow Jones Sustainability World Index, which recognizes those companies that stand out at a global level for having the best practices in economic, environmental, and social matters. Grupo SURA focuses its investments in the sectors of financial services. It also has industrial investments, mostly in the processed foods, cement, energy, and infrastructure sectors.
ABOUT SURA ASSET MANAGEMENT
SURA Asset Management is a Latin American company in the Pension, Savings and Investment industries with operations in Mexico, Peru, Chile, Colombia, Uruguay and El Salvador. It is a subsidiary of Grupo SURA, in addition to having other shareholders with a minority share (now introducing CDPQ). As of September 2018, SURA Asset Management operates a total of USD 135 billion in assets under management for 19.6 million clients.
*Clients and AUM include AFP Protección in Colombia and AFP Crecer in El Salvador. Even though these companies are not under direct control, SURA AM holds relevant stake.

SOURCE Caisse de dépôt et placement du Québec

CONTACT: Caisse de dépôt et placement du Québec, Canada, JEAN-BENOIT HOUDE, Senior Advisor, Strategic Communications, +1 514 847 5493, jbhoude@cdpq.com; Caisse de dépôt et placement du Québec, International, CESALTINE GREGORIO, Senior Advisory Director, Global Media Relations, +1 212 596 6314, +1 347 241 3248, cgregorio@cdpq.com; DATTIS, CAMILO VÁSQUEZ, Project manager, + 57 3007783621, camilovasquez@dattis.com; SURA AM, LUIS FELIPE POSADA JIMÉNEZ, Corporate Communications Specialist, + 574 3177800. ext: 77907, luis.posada@sura-am.com