Sanlam UK has struck a deal to manage three VAM Global Management funds, with combined assets of $175m (£135m).
The VAM Cautious, Balanced and Growth funds, part of its multi-asset fund range, will be managed by the Sanlam UK direct discretionary funds team. The funds were previously managed by the Close Brothers Asset Management which was appointed in July 2015 by VAM.
Under the new agreement, Sanlam UK portfolio managers will have opportunity to invest directly in the securities markets, rather than buying positions in other funds with fund of funds model. Sanlam UK’s chief executive Philip Smeaton is taking over investment management responsibility for the three risk graded funds.
VAM Global Management is a fund company fully regulated in Luxembourg. The three funds were launched in 2011 as a response to “rising demand for direct discretionary fund management services from VAM’s international clients,” according to the company.
Sanlam UK’s Private Office chief executive Penny Lovell says: “Investors and regulators alike are increasingly focused on cost and transparency. We’ve seen a growing international DFM demand from high net worth clients and the partnership with VAM coupled with our strong investment pedigree and expertise will help to ensure that demand is fulfilled.
VAM Global Management Company managing director Brendan K. Adams says: “Financial intermediaries based internationally are increasingly noticing they need to form partnerships with established fund managers to further help them deliver investment excellence.
“Investors in our discretionary funds will benefit from Sanlam’s significant expertise, industry-leading performance and reduced overall fees. This partnership with Sanlam UK is an ideal fit for our international investors, their investment goals, and their regulatory demands.”