Commenting on the move, Johan van der Merwe, chairman of Sanlam UK, said: "Our relationship with Punter Southall has always been excellent and our investment in that business has been both successful and enjoyable. PSG is an outstanding business and we wish them continued success in the future."
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"However, our mission in the UK is to build a market leading retail wealth management business. The policy of the group is that we concentrate purely on the pursuit of that goal [and] that we deploy capital in strategic, focused opportunities and dispose of non-strategic investments," he added.
Meanwhile, Jonathan Punter, chief executive of Punter Southall Group, added that although its relationship with Sanlam has always been constructive, and that circumstances have changed.
Punter said: "The circumstances that led our original joint involvement have changed and the opportunities for our two organizations to work together have run their course."
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