Oaktree Capital Management has acquired Sanlam Wealth UK for a total consideration of £140m, subject to regulatory approval.
The deal is expected to close in the first quarter of 2022 and while Sanlam Wealth will retain its brand during a transition period, it will adopt a new brand and identity "in due course".
It will remain an independent business and will operate separately to Ascot Lloyd, the national IFA consolidator that Oaktree recently invested in.
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."
Chief executive of Sanlam UK Jonathan Polin (pictured) will lead the new business and will retain support of "key members of its management team", although a leadership team for the refocussed business will be announced "at an appropriate point".
Polin said: "The sale of Sanlam Wealth to Oaktree ensures the business remains both operationally strong and financially stable in the long-term, while allowing us to drive forward as a faster and more agile independent wealth manager.
"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."
Federico Alvarez-Demalde, managing director of Oaktree, added: "We are delighted to have reached this agreement to acquire Sanlam Wealth. We firmly believe that the award-winning business built by Jonathan and his management team is a strong platform for growth in the fragmented wealth management market.
"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 Jonathan and team as they embark on the business' next chapter."