Sanlam UK, part of the international financial services group Sanlam Limited, has today announced the acquisition of the Thesis Asset Management for an undisclosed sum.
Thesis has a significant presence in the south of England, with £1.2bn under management and a team of 30 investment professionals and their support colleagues.
As part of the deal, Sanlam will acquire Thesis' private client business, distribution network, direct support teams and Pallant, its financial planning business. Thesis' offices in Guilford, Lymington, Chichester and Brighton will become part of Sanlam's regional wealth management network.
The deal will take Sanlam's UK private client discretionary assets under management to £4.2 billion.
Thesis represents a strong cultural, operational and geographic fit with Sanlam UK. Like Sanlam, Thesis has consistently put the financial wellbeing of its clients at the forefront of its proposition and culture. The acquisition is a manifestation of Sanlam's strategy set out in 2016 by chief executive, Jonathan Polin, of becoming the wealth manager of choice for high net worth individuals and their advisers.
Moreover, both firms have established strong footholds in the UK intermediary market, providing model portfolios and DFM solutions to IFAs along with developing close relationships and partnerships with advisers who want to in-source their investment management proposition.
Sanlam's vertically integrated business model, which includes an asset manager, life company and adviser network in addition to its own wealth management business, places the group in a strong strategic position to markedly increase its market share
Following regulatory approval, Thesis will operate under the Sanlam UK brand.
Jonathan Polin, Sanlam UK chief executive said: "Thesis is a high quality business and an important strategic fit for Sanlam in the UK. It was clear from the outset of our discussions with the Thesis management team that we were fully aligned in terms of investment philosophy, culture and an unwavering commitment to client service. We have high ambitions to make Sanlam a leader in client-centric wealth management and our acquisition of Thesis is an important milestone in that journey.
"The entire Sanlam family is looking forward to welcoming our new colleagues and working together to meet the financial needs of our clients."
David Tyerman, managing director of Thesis said: "Sanlam is a name synonymous with innovation and high quality service meaning it is an excellent fit for our business and a natural home for our clients. During our discussions with Sanlam, we were impressed with their passion for delivering clients' investment goals and their commitment to providing the personalised service our clients rightly expect.
"We are excited about our partnership with Sanlam and the new opportunities it provides for our clients."