Sanlam Private Investments is gearing up for massive expansion in the UK with plans to establish a series of regional offices and to treble assets under management (AUM).
Chief executive officer Craig Massey was appointed in a management reshuffle in November last year and speaking exclusively to Wealth Manager he unveiled his ambitious plans for the business, which include growing Sanlam’s AUM to at least £6 billion.
‘In five years’ time I would like to have established a foothold in the Midlands and I would like to be operating in Ireland and in Scotland,’ he said, adding that he would further integrate the investment business with the company’s other divisions.
These include wrap provider Nucleus, which is based in Edinburgh and, as such, Massey said ‘it makes sense for us to be in Scotland’.
‘So I would like to be [represented] across the whole of the UK and in terms of assets base. Over the next five years I would have liked to have trebled the asset base that we are working with,’
‘Through the combined entities it is just over £2 billion so I would like this to be somewhere between a £6-10 billion business.’
Massey said he expects to take on wealth managers and advisers with books of clients, but will also look to acquire whole businesses catering to the high net worth market.
‘The area we feel we have slipped compared to our competitors is in the private client space,’ he said. ‘That is the area we are going to be focused on.’
A slowdown in equity market activity has meant trading in the stockbroking side of the business has been ‘very tough’ and staff cuts were made in the division during the recent restructure.
However, Massey plans to create an international stockbroking desk, allowing UK clients to invest globally and vice versa.
Last week, Wealth Manager exclusively reported online that Sanlam had poached head of
wealth management at Alexander Forbes, Ian Porter, to develop an expansion strategy for the wealth division.