Companies  

Sanlam’s Speirs replaced as CEO in senior shake-up

Sanlam Private Wealth has ordered a shake-up of senior management as part of a high-level review of its future direction, the South African chief executive of Sanlam UK has said.

Lukas Van der Walt confirmed that former adviser Nigel Speirs is no longer in his role as chief executive officer of SPW, and will be replaced by Alex Morley, currently chief executive officer of English Mutual.

Mr Morley was appointed to the board of Sanlam Private Wealth in 2012 after the South African-based financial services company acquired English Mutual, a wealth management firm based throughout the South, for an undisclosed sum.

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Mr Speirs, who had been chief executive since his firm, the Wales-based Buckles IFA, was bought by Sanlam, will stay in his position as head of distribution for Sanlam UK, a position which he has held since 2009.

Buckles IFA had given a £1.5m injection by the South African Giant in 2008 before eventually becoming Sanlam Private Wealth.

Mr Van der Walt said the internal shuffle allowed Sanlam to build on its close relationship with English Mutual and its presence throughout the South and Midlands.

He said: “The combined business will have the necessary scale to allow further investment in new technology and industry leading processes that will drive efficiencies and create increasingly positive client outcomes.”

He confirmed that the firm will consolidate further in 2014, with plans to snap up more businesses in London, the South East, the South West, the West Midlands and the North West.

It comes on the back of four client bank acquisitions last year, boosting funds under influence by £147m.

This takes the total number of firms bought by Sanlam to 15 since 2009.

Mr Van Der Walt added that the firm would continue to target retiring IFAs following the launch of its Practice Buyout scheme in May last year.

Background:

Sanlam has hired a raft of new staff, including paraplanners and investment managers, to strengthen its regional presence in June last year.

The appointments included Simon Woodiwiss as senior investment manager for the South East private client team, Paul Mansfield as an investment manager for the South West regional private client team and Simon Lee as a senior investment manager for the intermediary services team.