Sanlam has backed out of plans to acquire a 19.9 per cent stake in Caerus almost a year after the deal was originally agreed, Money Marketing can reveal.
The South African firm agreed to take a stake in Caerus in June last year, with the deal including a timeline for Sanlam to acquire the advice firm outright over the next two years.
However, Sanlam has now cancelled the acquisition, saying it wants to focus on its own business.
Sanlam says it continues to assess its priorities in the UK following a restructure that saw former Ashcourt Rowan boss Jonathan Polin named UK chief executive.
Speaking to Money Marketing, Polin says: “My first priority is to get the UK business together and decide on what basis we want to operate here.
“That’s a huge piece of work that is going to take most of this year, and trying to fit in another business and especially on that timeline to get to 100 per cent just doesn’t work.”
In a statement, Caerus chief executive Keith Carby says: “After extensive discussions covering both long-term strategy as well as immediate priorities, both parties have concluded it is not in either of our interests to proceed. We have enjoyed the close involvement with Sanlam and we wish Jonathan and his team every success for the future.”