Sanlam Financial Services Group  

Sanlam buys £1.2bn DFM Thesis

Sanlam buys £1.2bn DFM Thesis

Sanlam UK has acquired Thesis Asset Management for an undisclosed sum, bringing the international group's private client discretionary assets under management to £4.2bn. 

The deal will see Sanlam acquire Thesis’ private client business, distribution network, direct support teams and financial planning business Pallant and the asset manager's offices in Guilford, Lymington, Chichester and Brighton will become part of Sanlam’s regional wealth management network. 

Thesis and its £1.2bn of assets under management will operate under the Sanlam UK brand following regulatory approval. 

Jonathan Polin, chief executive at Sanlam UK, said Thesis was an "important strategic fit" for Sanlam in the UK.

He said: "It was clear from the outset of our discussions with the Thesis management team that we were fully aligned in terms of investment philosophy, culture and an unwavering commitment to client service.

"We have high ambitions to make Sanlam a leader in client-centric wealth management and our acquisition of Thesis is an important milestone in that journey."

The acquisition is hoped to bolster Mr Polin's 2016 strategy of "becoming the wealth manager of choice for high net worth individuals and their advisers".

David Tyerman, managing director at Thesis, said: "Sanlam is a name synonymous with innovation and high quality service meaning it is an excellent fit for our business and a natural home for our clients.

"During our discussions with Sanlam, we were impressed with their passion for delivering clients’ investment goals and their commitment to providing the personalised service our clients rightly expect. We are excited about our partnership with Sanlam and the new opportunities it provides for our clients."

In March Alex Morley, the chief executive at Sanlam’s advice partnership business, left the company after five years in the role. 

In April Sanlam bought Newcastle-based financial planning company Blackett Walker, with five financial advisers, as well as their support staff, joining the group.

This was after it bought Preston-based chartered financial planning business Astute Wealth Management in January for an undisclosed sum, as it sought to broaden its presence in the North West of England.

rachel.addison@ft.com