South Africa's Competition Commission approved Sanlam Investment Management (Pty.) Ltd.'s acquisition of Catalyst Fund Managers (Pty.) Ltd., the regulator said Oct. 9.

The commission said the deal was unlikely to reduce competition or employment in the sector.

The Sanlam Ltd. unit will take a a 69% stake in the Cape Town-based fund manager for an undisclosed sum, BusinessDay reported Oct. 10.

The unit also said it plans to buy 100% of Irish CIG Fund Management Co., subject to Irish regulatory approvals and other conditions.

The deal would "complement the Sanlam group's international investment management platform, Sanlam Asset Management Ireland," the South African group said.