Two months before the sale of Sanlam Private Wealth is expected to complete, chief executive Penny Lovell (pictured) has left the business, a spokesperson confirmed to Portfolio Adviser.
The wealth arm was sold to funds managed by Oaktree Capital Management in September 2021, with completion expected in April.
Sanlam declined to provide any comment beyond confirming Lovell’s departure.
She joined Sanlam UK in September 2017 from Close Brothers Asset Management where she was managing director, prior to which she held a similar role at Rothschild Asset Management.
Conspicuous absence
The news comes two days after Jonathan Polin was named chief executive of the sold Sanlam Private Wealth business.
The business’ name is yet to be confirmed, but it has already stated its ambition to become the first truly digitally enabled, hybrid wealth business in the UK.
Lovell’s name was conspicuously absent from the announcement, which confirmed the following appointments:
- Haig Bathgate – head of investments (joins from 7IM)
- Nicola Fraser – chief financial officer (her existing role)
- Niral Parehk – chief operating officer (ex-Capco)
- Christopher Kraft – chief commercial officer (formerly of True Potential)
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