Sanlam combines DFM and advice arms

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Sanlam has set up a new wealth management business to bring together its discretionary fund management and financial advice arms.

Sanlam Partners will house the Sanlam Private Wealth and Sanlam Wealth Planning businesses under a new division to be led by the former chief operating officer of employee benefits group A J Gallagher John White.

White will also take control of Sanlam Private Wealth, the discretionary fund manager with £2.2bn of client assets under management.

Current Sanlam Wealth Planning boss Alex Morley will stay chief executive of the national financial advice business.

The South African insurer says that the restructure is part of a plan to provide “holistic advice, investment and asset management” in the UK.

Sanlam UK chief executive Jonathan Polin said: “My aim is to create a unified, integrated financial services business recognised for the quality of its advice, asset and discretionary fund management services.

“We have a vibrant and talented boutique asset management business within the group. I want to equip it for the future so it can deliver a range of different capabilities to help manage the needs of both our global client base, and our third party clients across the wholesale and institutional markets, in both the UK and Europe.”

Sanlam’s life and pensions business will remain a separate entity, as will Sanlam FOUR, its boutique asset management and fund business.

Sanlam’s UK chief financial officer Alfio Tagliabue will take over Sanlam FOUR as chief executive.

Sanlam was looking to acquire a 19.9 per cent stake in advice network Caerus earlier this year, but backtracked on the plans to focus on its own restructuring.