Creation of Sanlam UK Limited

Sanlam has consolidated the reporting of its interests in the United Kingdom into a single entity, Sanlam UK Limited.

Sanlam UK Limited will consist of Sanlam’s subsidiary companies Merchant Investors Assurance Limited (100% owned), Sanlam Multi Manager International Limited (100%), Principal Holdings Limited (86%) and Buckles Holdings Limited (60%). The portfolio is further complemented by Sanlam’s minority holdings in Intrinsic, Nucleus and the Punter Southall Group.

Lukas van der Walt, Chief Executive of Merchant Investors has been appointed as Chief Executive and Dr Johan van Zyl, Sanlam Group Chief Executive as Chairman of Sanlam UK Limited.

Dr van Zyl said that the creation of Sanlam UK Limited reflects the consistent progress the Group is making in all the elements of the strategy it began implementing four years ago, and is indicative of the opportunities that exist in the UK market.

“We are consolidating our interests in Sanlam UK Limited to ensure co-ordinated development of our growing portfolio of financial services businesses operating in distribution, packaging, administration and asset management services. In addition, this initiative will position our Group to further develop our quality intermediary relationships in a changing financial retail landscape in the United Kingdom.”

Lukas van der Walt added that Sanlam UK Limited would provide focus in terms of market segment choice, differentiated distribution management, modern financial solutions combined with efficiency across platforms and services and optimising group capital requirements.

“Our aim is to empower our independent businesses and to create the framework in which they can thrive by sharing knowledge and experience and having access to capital to grow their businesses,” he said.

Intrinsic, Nucleus and the Punter Southall Group were previously part of Sanlam Independent Financial Services (IFS). Management responsibility for the remaining South African businesses that are part of IFS will be transferred to Sanlam Group Finance and IFS will be phased out as a business entity in the Sanlam Group.