streamline its UK operations and reallocate cash to Africa and other emerging regions. The transaction is set to conclude in the first quarter of 2022, and is liable to regulatory approval.
According to Sanlam’s statement, the company will continue to function under the brand name Sanlam Wealth during the transition time until the announcement of a new brand and identity that reflects the business and its future objectives. According to the insurer, the new firm will be led by Jonathan Polin, chief executive of Sanlam UK, and prime members of the management team, and the complete leadership team will be disclosed at a later date.
According to Polin, the deal assured the company’s long-term operational strength and financial stability. He expressed optimism over the new partnership. He said, “This will be a new firm with a new purpose and a new way of working, with a refreshed commitment to delivering the very best products and services for our clients. We will have greater autonomy to flex to the needs of our people, and I look forward to working with Oaktree to assess and implement the opportunities available to us as we all look to share in the business’s future successes.”
According to Federico Alvarez-Demalde, managing director at Oaktree Capital, Sanlam Wealth, on the other hand, offers a good foundation for growth in the fragmented wealth management sector. He also expressed confidence in the new acquisition. He spoke about the company’s goal to provide quality services. He said, “Our investment will be targeted at providing excellent products and services for clients, development opportunities for staff and supporting management in the delivery of its innovative acquisition strategy. We look forward to working with [the Sanlam UK] team as they embark on the business’ next chapter.”
