US listed Oaktree buys South Africa Sanlam's UK wealth arm in £140m deal

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. Chief executive of Sanlam UK Jonathan Polin (pictured) will lead the new business and will retain support of "key members of i...