Sanlam to sell UK Planning business
Sanlam is to sell its UK Financial Planning and wealth management businesses but will retain its UK asset management arm.
The businesses Sanlam has reportedly put up for a potential sale are Sanlam Partnership and Sanlam Wealth Planning.
The firm’s Bristol-based insurance business is also believed to be in the process of being sold.
When contacted by Financial Planning Today, South African-owned Sanlam declined to comment on the sale.
The sale follows the departure of the firm’s UK wealth CEO John White after four and a half years at the helm. He has been replaced by Jonathan Polin.
Before joining Sanlam, Mr White was head of Financial Planning at Arthur J Gallagher.
Sanlam has been simplifying its operations in the UK. Earlier this year it sold its 52% in adviser platform Nucleus to James Hay, after announcing in 2020 that it was looking to sell its shares.
Sanlam UK has a number of businesses including Sanlam Private Wealth, a discretionary fund manager, a boutique asset firm called Sanlam Investments, a Financial Planning arm called Sanlam Partnership and Sanlam Wealth Planning, a national financial adviser with 55 UK-based advisers and £2bn of client assets under advice.
Sanlam has more than £15bn of assets under management or influence.
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