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Ex-Close boss Lovell joins Sanlam to launch private office 

Ex-Close boss Lovell joins Sanlam to launch private office 

Former Close Brothers Asset Management head of private client, Penny Lovell, is to join Sanlam UK to launch a new private office.

She will become CEO of Sanlam Private Office in October, reporting to group CEO Jonathan Polin. She will also sit on the group’s executive committee.

Ms Lovell is tasked with spearheading the new offering, which will serve high net worth clients with assets of more than £1m.

She had previously spent five years at Close Brothers Asset Management, as head of private client service, and was previously managing director at Rothschild Wealth Management. She has also held senior positions at Fleming Family & Partners and Coutts. 

Since joining the wealth manager at the end of 2015, Mr Polin has led a strategy to bring Sanlam’s UK operations together under one brand.

He said: “I have spent the last two years reorganising and unifying the business to support the delivery of a vastly enhanced, client-focused investment and service proposition. The forthcoming launch of a private office extends our service in the UK and bolsters our ability to offer tailored solutions for an increasing complex and bespoke set of needs from high net worth clients.” 

Sanlam UK includes Sanlam Private Wealth, Investments & Pensions, Wealth Planning, and Sanlam FOUR.

It has £12bn under management. Its parent company is South Africa’s Sanlam Limited, which is listed on the Johannesburg Stock Exchange.