Sanlam UK has inked an agreement to take over the management of three VAM Global Management discretionary funds.

The VAM Cautious, Balanced and Growth funds will now be managed by the Sanlam UK direct discretionary funds team.

Besides, the funds will now shift from a fund of funds approach to a directly invested approach.

The vehicles were previously managed by Close Brothers.

Together, they oversaw $175m in assets.

VAM managing director Brendan Adams said: “Investors in our discretionary funds will benefit from Sanlam’s significant expertise, industry-leading performance and reduced overall fees.

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“This partnership with Sanlam UK is an ideal fit for our international investors, their investment goals, and their regulatory demands.”

The funds were introduced in 2011. Their launch was triggered by increasing demand for direct discretionary fund management services from VAM customers.

The strategies target investors seeking growth, income or capital preservation, with each fund aligned with a specific risk profile.

Sanlam UK CEO of private office Penny Lovell said: “Investors and regulators alike are increasingly focused on cost and transparency.

“We have seen a growing international DFM demand from HNW clients and the partnership with VAM coupled with our strong investment pedigree and expertise will help to ensure that demand is fulfilled.”