BNY Mellon subsidiary Pershing will assume responsibility for Sanlam’s books and records, investor custody and outsourced trading services as it remodels its wealth division.
Sanlam UK chief executive Jonathan Polin says the multi-year agreement will allow the group to focus on its core operations.
The group currently manages £15bn in assets for retail and institutional clients and is set to begin a new phase of growth.
Polin says: “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.”
London-based Pershing provides wrap and technology solutions to advisers and wealth managers.
Chief executive Geoff Towers says: “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 UK is testament to this.”