International financial services group Sanlam has pulled out of a deal to buy a stake in UK advice network Caerus and its investment management business.
Last June, Sanlam said it wanted to buy Keith Carby’s Caerus Portfolio Management and make a 19.9 per cent equity investment in Caerus Holdings.
As part of the deal Caerus Portfolio Management would outsource all investment management activities to Sanlam Four.
But since then, Sanlam’s UK arm has come under new management, with Jonathan Polin taking the helm of the company.
Mr Polin, who was previously chief executive at Ashcourt Rowan, has been leading a review of the the company since taking up his post earlier this year.
He has restructured the business under the single name of Sanlam UK, made up of several divisions.
Speaking to FTAdviser shortly after his appointment, Mr Polin said: “It took me a long time to understand what on earth was here. By bringing everything into one company we will give a clearer focus.
“The reality is there will be change, because there always is when a new chief executive arrives.”
Sanlam has confirmed the deal will no longer take place, but has been unable to comment further.
Caerus Capital Group was established in 2010 to combine fund management with financial advice.
In December 2014, Four Capital Partners and Sanlam International Investments received regulatory approval to merge, forming Sanlam Four Investments.
Caerus has not responded to a request for a comment.
