The South African company’s UK interests include its wholly-owned subsidiaries Merchant Investors Assurance and Sanlam Multi Manager International, as well as majority shareholdings in IFA Buckles Holdings and investment firm Principal Holdings.
Sanlam also has minority holdings in Intrinsic, Nucleus and the Punter Southhall Group, which were previously part of Sanlam Independent Financial Services.
Management responsibility for the remaining South African businesses that are part of IFS will be transferred to Sanlam Group Finance and IFS will be phased out as a business entity.
Chief executive of Merchant Investors Lukas van der Walt has been appointed Sanlam UK chief executive and Sanlam group chief executive Dr Johan van Zyl has been made chairman of Sanlam UK.
Dr van Zyl says: “We are consolidating our interests in Sanlam UK Limited to ensure co-ordinated development of our growing portfolio of financial services businesses operating in distribution, packaging, administration and asset management services.
“In addition, this initiative will position our group to further develop our quality intermediary relationships in a changing financial retail landscape in the United Kingdom.”
Sanlam says it hopes the move will enable businesses to grow by sharing knowledge.