AtomosMay 1 2019

Sanlam eyes asset managers for growth

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Sanlam eyes asset managers for growth

Sanlam UK is looking for acquisitions in the asset management sector as well as opportunities to expand into the Northern powerhouse cities, according to its chief executive. 

Jonathan Polin said the company is looking to find new "talent, capabilities and acquisitions" in the asset management sector as a means to "scale up" the business. 

The company's current asset management arm, Sanlam Investments, manages more than £5.9bn in single strategy and multi-asset solutions. 

Mr Polin said: "We see potential for growth in the asset management sector, as a vertically integrated model we absolutely need asset management to develop solutions which clients will need in the future.

"We want to do that and meet all client demand for every changing aspect for financial advice, platforms and wrappers they require. All these things we are trying to do to build up our capabilities."

Mr Polin said Sanlam is also looking to increase its exposure outside of London in core areas in which it currently lacks a presence, including Manchester, Leeds and Edinburgh. 

It follows Sanlam's acquisition of Thesis Asset Management, announced yesterday (April 29), in a deal bringing the group's private client discretionary assets under management to £4.2bn.

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". 

But Mr Polin said whilst Thesis adds to Sanlam's high net worth capability, he wants to ensure his company appeals to a broad spectrum of clients - from mass affluent to high net worth. 

He said: "The most important thing to me is the requirement for advice in the UK is greater than [it has] ever been before, and this will continue.

"The requirements of pension freedoms and the greater complexity of people's financial positions means the days of face-to-face financial advice are certainly not numbered and will continue to grow." 

rachel.addison@ft.com