Sanlam UK has set out plans to buy Keith Carby’s Caerus Portfolio Management and make a 19.9 per cent equity investment in Caerus Holdings, subject to regulatory approval.
Lukas van der Walt, chief executive of Sanlam UK, said: “Caerus operates an integrated wealth management model that suits us perfectly.”
Caerus Capital Group has a network of restricted and independent members with discretionary investment management services provided through Caerus Portfolio Management.
As part of the deal, which involves an undisclosed sum, Caerus Portfolio Management would outsource all investment management activities to boutique asset manager Sanlam Four – which is majority owned by Sanlam Group – on completion of the transaction.
Caerus Capital Group will receive funds to develop its advisory service.
|Main aspects of the deal|
|Sanlam UK to buy Caerus Portfolio Management, which provides discretionary investment management services|
|Caerus Portfolio Management to outsource all investment management activities to Sanlam Four on completion of the transaction|
|Sanlam UK to make a 19.9 per cent equity investment in Caerus Holdings|
Mr Carby, chief executive of Caerus Capital Group, said it was important to create a long-term process for clients, following April’s pension reforms. He added: “With the right advice, clients can both enjoy their retirement and transfer wealth to the next generation. It is important that clients have the confidence to engage with an advice process that may last for 30 years and more.”
Sanlam UK is part of international financial group Sanlam, which is currently responsible for the management of £60bn in clients assets around the world.
Mr Carby has been involved in several high-profile financial services roles, including working as managing director of Allied Dunbar and co-founding J Rothschild Assurance, which is now St James’s Place, and Foster Denovo.
He has also served as chief executive at Inter-Alliance and Openwork, co-founded the Financial Services Forum and works as a non-executive director at Metro Bank.
In December 2014, Four Capital Partners and Sanlam International Investments received FCA approval to merge, forming Sanlam Four Investments.
At the time, the new organisation had assets under management of US$10bn (£6.55bn). Under the deal, the Sanlam Group had an 89.7 per cent stake in the firm.
Investment teams within the existing Four business were to retain 30 per cent equity stakes in their specific business areas.
In 2009, Four and Sanlam announced an investment partnership, with Sanlam taking an initial equity interest of 29.9 per cent.
The Sanlam Group has previously made numerous investments and acquisitions.
In 2013 Sanlam Private Wealth acquired the client banks of Shropshire-based Cornforth Consultants Wealth Management and Shropshire-based Wealthport Limited.
Caerus Capital Group was established in 2010 to combine fund management with advice.