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 He has been replaced by Jonathan Polin.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.