Pershing will assume responsibility for Sanlam’s investor custody, books and records, and provide outsourced trading services.
Sanlam says that by leveraging Pershing’s expertise in trading and custody, it will be able to “further focus on working with its clients to achieve their financial goals”.
The move came as Sanlam said wealth managers “increasingly seek partnerships to support the growth of their business, separating the processes of advice and money management, and client asset regulation that goes with the custody of assets”.
Pershing was selected based on its expertise and track record in providing trading and custody solutions to support the growth ambitions of wealth managers in the UK.
Established in Europe in 1987, Pershing is a provider of outsourced financial solutions to banks, broker-dealers, wealth managers and advisers, helping clients by providing safety, certainty and greater efficiency for their businesses.
Geoff Towers, chief executive, Pershing Limited, said: “We are excited to have been appointed by Sanlam Wealth and to be part of supporting its growth aspirations.
“The wealth management industry is undergoing huge transformation as firms seek to focus their time and attention on delivering best-in-class advice and service to their clients.
“This is driving greater collaboration across the industry, with wealth managers seeking trusted partners to help them grow their businesses.
“Our partnership with Sanlam Wealth UK is testament to this, and we expect this trend will gain further momentum.”
Jonathan Polin, CEO, Sanlam UK, said: “As we transform our wealth management division, we are pleased to have appointed Pershing to allow us to focus on the core area of our business – protecting and growing our clients’ wealth.
“Pershing is a highly respected global leader in the provision of custody solutions and our decision to select them reflects our ambition to provide the very best service to our clients.”