Sanlam’s UK wealth arms are being sold to US investment firm Oaktree Capital Management for £140m.
The deal will include Sanlam UK’s 100% shareholding in Sanlam Private Investments (UK) and Sanlam Wealth Planning Holdings UK and their subsidiaries.
Sanlam Private Investments (UK) carries out business as Sanlam Private Wealth and operates as an investment management firm. It provides wealth management and stock broking solutions, and serves high net worth individuals and their families, trusts, charities, and corporates.
Sanlam Wealth Planning Holdings UK offers financial planning, risk management, investment advice, retirement and inheritance tax planning as well as corporate and employee wealth services.
The transaction is dependent on regulatory approvals in South Africa and the UK. The deal is expected to complete during Q1 2022.
This M&A deal in line with Sanlam’s strategy to simplify its UK operations and reallocate capital to Africa and India.
Sanlam has already sold its UK life and pensions arm to consolidator Chesnara for £39m.
For more on international financial planning, please visit international-adviser.com