Discretionary manager Man GLG has bought Sanlam’s strategic bond business.
Both the fund management team and the assets under management will tranfer from Sanlam Four, the boutique management arm of vertically integrated advice business Sanlam Group, subject to regulatory approval.
The firms did not reveal the cost of the deal.
Portfolio managers Craig Veysey and Francois Kotze will stay running the strategy.
Veysey had headed up fixed income at Sanlam for almost a decade, taking the lead on the strategic bond strategy six years ago. Previously, he managed global bond funds at Scottish Widows Investment Partnership and WestLB Mellon Asset Management.
Kotze is a more recent edition to Sanlam, having joined in 2017 from Rathbone Brothers.
Sanlam chief executive Jonathan Polin says: “Our absolute priority is the safe stewardship of our clients’ assets and it is in their best interests to see the fund transition smoothly to Man GLG where it will be managed by the same team, to the same strategy and with the same process, methodologies and tools. This is not a decision we have taken lightly.”