Lovell will join the group in October as chief executive of Sanlam Private Office, responsible for spearheading the new offering for high net worth clients with assets of more than £1m.
The move comes as part of the ongoing move by Sanlam to bring all its UK operations under the responsibility and management remit of a single corporate entity.
Lovell has spent the last five years at Close Brothers Asset Management. Prior to that, she was managing director at Rothschild Wealth Management, and has held senior positions at Fleming Family & Partners and Coutts.
Lovell will report to group chief executive Jonathan Polin, who joined the wealth manager at the end of 2015.
Polin said: “The forthcoming launch of a private office extends our service in the UK and bolsters our ability to offer tailored solutions for an increasing complex and bespoke set of needs from high net worth clients.
“Penny’s expertise and experience in delivering a first-class high net worth and private office proposition will be central to us cementing our position as one of the UK’s leading wealth managers.”
Sanlam now controls more than £12bn in assets.