Sanlam Investments today announces that it has agreed to assume responsibility for managing eight funds currently managed by Smith & Williamson Investment Management LLP.
Following approval by the Boards of Smith & Williamson Fund Administration Limited and Smith & Williamson Investment Management (Ireland) Limited, the deal will see the management of eight funds, including Smith & Williamson Investment Management’s £584m (as at 30 November 2020) Artificial Intelligence Fund and a number of other equity and fixed interest funds, transferring to Sanlam, adding £1.2bn in assets under management (AUM) to the business.
As part of the arrangement, later in Q1 2021 Sanlam will also take on the investment management responsibilities of the Smith & Williamson Global Gold and Resources Fund which will continue to be managed in Toronto by AGF as sub delegate investment manager.
The deal will take Sanlam Investments’ total AUM to £7.3bn. Ten individuals, including six fund managers, will move to Sanlam as part of the deal.
This transfer of the investment management responsibilities of these funds will enable Sanlam Investments to add further building blocks in its plans to develop a specialist thematic offering. Alongside well-established specialist products such as Real Assets and recent additions (including a Sustainable Global Dividend Team from Martin Currie and Tideway’s Hybrid Capital Fund), Sanlam Investments is now able to offer its clients an exciting range of differentiated funds.
Jonathan Polin, Group CEO, Sanlam UK, said: “2020 was a significant year of investment and growth at Sanlam Investments and we are delighted to be taking on eight funds currently managed by Smith & Williamson Investment Management. Our asset management arm is a core component of our UK business and today’s announcement reflects our commitment to building a truly comprehensive range of funds and investment solutions for our clients.
Assuming responsibility for these new funds enables us to deliver a core suite of funds with strength and depth, as well as develop a specialised offering which will enable clients to participate in some of the big investment themes of the next decade and beyond. Taken together, we believe this is a compelling proposition and will help us to deliver our significant ambitions in the market.”
Despite the many challenges posed since March, Sanlam Investments has continued to deliver on the strategy set-out at the start of 2020 and we look forward to building on this with vigour in 2021.”
Hugo Smith, Managing Director at Smith & Williamson Investment Management LLP, said: “This deal provides an excellent opportunity for our fund managers to work within a business that has a well-known pooled funds brand, strong distribution and is committed to investing in further growth in this area. I would like to take this opportunity to thank the fund managers and other colleagues within the funds team for all that they have contributed to Smith & Williamson Investment Management over the years.”
Sanlam Investments will work closely with the Tilney Smith & Williamson group to ensure ongoing continuity of access to the fund managers.
