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September 21, 2021

Sanlam offloads UK wealth management arm for £140m

By Verdict Staff

South African insurer Sanlam has divested its UK wealth division to funds managed by Oaktree Capital Management for £140m.

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The transaction is expected to close in the first quarter of 2022, subject to regulatory approval.

Oaktree, which also owns IFA consolidator Ascot Lloyd, will operate the two businesses independently.

Under the terms of the agreement, Sanlam Wealth will continue to operate under its current brand through the transition period.

A new brand and identity for the division is expected to be announced in the due course.

Sanlam UK chief executive Jonathan Polin will lead the new business along with its key members of its management team.

The insurer said that a new leadership team for the refocussed business will be revealed at an appropriate point.

Commenting on the deal, Polin said: “This will be a new firm with a new purpose and a new way of working, with a refreshed commitment to delivering the very best products and services for our clients.

“We will have greater autonomy to flex to the needs of our people, and I look forward to working with Oaktree to assess and implement the opportunities available to us as we all look to share in the business’s future successes.”

Oaktree managing director Federico Demalde added: “We firmly believe that the award-winning business built by Jonathan and his management team is a strong platform for growth in the fragmented wealth management market.

“Our investment will be targeted at providing excellent products and services for clients, development opportunities for staff and supporting management in the delivery of its innovative acquisition strategy.”

In August this year, Sanlam UK confirmed plans to close down its adviser network business Sanlam Partnerships.

The firm said that the increased scale and systems capacity need to grow a financial adviser network no longer fits with its business model.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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