Sanlam stirs as Buckles boss becomes head of distribution

Buckles chief executive Nigel Speirs has become head of distribution for Sanlam in a clear sign the South African insurer is finally preparing to flex its muscles in the UK.

Eighteen months after Sanlam bought a 60% stake in Buckles, Wales’ biggest IFA, Speirs has agreed to take on the role of head of UK distribution.

In the part-time role Speirs will report to Sanlam UK’s chief executive Lukas van der Walt. He will focus on promoting to IFAs Merchant Investors, the Bristol-based pension specialist owned by Sanlam, and Principal, the Bath-based discretionary fund manager in which it bought an 86% stake last year.

Speirs remains committed to Buckles, the Rhyl-based advisory firm he took over 23 years ago. He has become executive chairman with sales director Chris Kevin promoted to replace him as chief executive.

Sanlam has been something of a sleeping giant in recent years. In addition to Merchant Investors and Principal it also owns stakes in wrap operator Nucleus, multi-tied adviser Intrinsic, pensions consultant Punter Southall and stockbroker Hichens. Its annual report makes clear its long-term ambitions in the UK. Paul Bradshaw, a former Skandia founder, is a non-executive director at Sanlam UK in charge of audit and risk.

Speirs said the UK would start to hear a lot more about Sanlam. ‘I see this as a company that has done a lot of things but hasn’t told the world about them yet.’

Speirs, an Aifa board member, hoped advisers would see his move positively. ‘I hope the view of it will be that I know what makes IFAs tick.’

He added: ‘In the past providers have been very good at telling advisers what their solutions are without asking them what their problems are.’

Principal, which has been headed by Hugh Titcomb since April, is the vehicle through which Sanlam hopes to expand its Sanlam Fund Solutions multi-manager service. Somewhat controversially Buckles this year switched management of some of its Snowdonia funds to Sanlam from Premier Asset Management.