Sanlam backing helps Principal expand team

Principal Investment Management has expanded its investment team with two new recruits as part of its Sanlam-fuelled growth.

The discretionary portfolio manager has recruited Michael Stanley from Brown Shipley and Philip Yarrow from Ashcourt Asset Management. Stanley will work with Principal’s investment team in Bath while senior investment manager Yarrow will be based in the Sevenoaks office.  

Southern African insurer Sanlam bought an 86% stake in Principal in March 2008. Principal has recruited seven new staff in the last eight months to help it prepare for expansion in the South of England and into the Midlands and the North. Experienced managers like Yarrow and Stanley would help support this plan, said Principal chief executive Hugh Titcomb (pictured). 

‘Over the last 8 months I’ve been busy formulating a growth strategy with our parent company Sanlam, and see both our service unique selling point and people as the key ingredients in achieving my plans,’ said Titcomb, who joined Principal in April from private bank, the Ansbacher Group.  

‘The concept of opening further offices forms part of my 2010 plans, and already we are eyeing up various locations, it is still early days but it is all very exciting,’ said Titcomb.

South African insurer Sanlam has built up a significant investment in the UK wealth management industry and has stakes in wrap provider Nucleus, Merchant Investors, Punter Southall, stock broker Hichens to advice group Buckles. Sanlam also bought a 30% stake in boutique equity fund manager Four Capital Partners in October.

The insurer showed its increasing interest in its UK market in November by making Buckles chief executive Nigel Speirs head of UK distribution. Spiers will be responsible for promoting Merchant Investors and Principal to advisers.