South African-headquartered financial services firm Sanlam is planning to divest its life insurance and wealth management operations in the UK.
This is part of the group’s plans to free up capital for its expansion across Africa and in India, and it has already received £75m ($104m, €88m) through the sale of its stake in wrap platform Nucleus Financial in August 2021.
Paul Hanratty, Sanlam Group chief executive, said in a conference call on 9 September 2021 that the firm “will maintain an asset management business in the UK” and it is exiting from the rest of the UK operations because “they don’t form part of our strategy”.
He added that the group plans to “reallocate capital from the UK” and there are already plans to sell the UK life, pensions and wealth arms.
Hanratty said the firm is at an “advanced stage” in the sale of Sanlam Life and Pensions UK, which will be below reported group equity value, and also it is in the process of “evaluating offers” for its wealth business.
International Adviser contacted Sanlam for further details, but it did not reply in time for publication.
This latest update comes after Sanlam said that “it intends to wind down its adviser network Sanlam Partnerships Limited” and the departure of John White, chief executive of Sanlam Wealth, which saw Sanlam UK chief executive Jonathan Polin assume his responsibilities on an interim basis.