South African financial services group Sanlam is planning to merge all of its UK businesses into a single corporate entity, called Sanlam UK, which will have combined assets under management of almost £9bn.
The new group will include Sanlam Wealth Planning, Sanlam Private Wealth, Sanlan Investments & Pensions, Sanlam FOUR, and Sanlam Securities.
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The new entity will be led by Jonathan Polin, who has been recently appointed chief executive of Sanlam Private Wealth.
Polin will become the new UK group’s CEO and will take over responsibility for all Sanlam’s businesses in the UK.
The restructure of its UK businesses will become effective from 1 January 2016.
Additionally, the combined Sanlam UK business will have a significant shareholding in platform Nucleus, which has over £8bn assets under administration as well as a 20% stake in fixed income specialist, Cameron Hume.
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By GlobalDataSanlam Investments CEO Robert Roux said: "At Sanlam we are committed to the improvement of people’s lives and believe our new structure creates the platform for us to make a significant and positive impact.
Polin said: "I welcome the opportunity to lead this next stage of our development in the UK. As a single, unified business, with our combined talents and with Sanlam’s significant global strength to support the development of our UK operations, the future is very exciting for our business, for our employees, for our partners and, most importantly, for our customers."
