Sanlam UK has hired ex-Close Brothers Asset private client head Penny Lovell to lead the launch of a private office.
Lovell (pictured) will join as chief executive of Sanlam Private Office in October, and will report to group CEO Jonathan Polin.
The private office will be a new division for clients with assets of over £1 million.
Lovell spent five years at Close as head of private clients. Before that she was managing director at Rothschild Wealth Management, having previously worked at Fleming Family & Partners and Coutts.
Polin said: ‘Penny’s expertise and experience in delivering a first-class high net worth and private office proposition will be central to us cementing our position as one of the UK’s leading wealth managers.’
The decision to launch the private office extends Polin’s vertical integration strategy, adding a significant string to its range of specialist capabilities.
‘I have spent the last two years reorganising and unifying the business to support the delivery of a vastly enhanced, client-focussed investment and service proposition,’ Polin said.
‘The forthcoming launch of a private office extends our service in the UK and bolsters our ability to offer tailored solutions for an increasing complex and bespoke set of needs from high net worth clients.’
Sanlam UK has £12 billion of assets under management or advice, with £2.7 billion overseen by Sanlam Private Wealth and £5.9 billion run by Sanlam Four, the group’s asset management arm.
Additionally, the company’s life and pensions arm has over £2.7 billion and its wealth planning division around £1 billion.