Sanlam UK has sold its 21.6 per cent stake in wealth management business Punter Southall in a management buyout, bringing the firm back under full independent ownership.
Punter Southall has financial consultancy, investment management and actuarial consulting businesses. Sanlam UK has been the only external investor since 2001.
Sanlam chairman Johan van der Merwe says: “Our mission in the UK is to build a market leading retail wealth management business. The policy of the group is that we concentrate purely on the pursuit of that goal; that we deploy capital in strategic, focused opportunities and dispose of non-strategic investments.”
Punter Southall chief executive officer Jonathan Punter says: “Our relationship with Sanlam has always been constructive and progressive and they have been an important chapter in our story.
“However, the circumstances that led our original joint involvement have changed and the opportunities for our two organisations to work together have run their course.”