Sanlam Wealth has agreed a multi-year deal with BNY Mellon’s Pershing for running the custody services on its investments.
Sanlam stated the arrangement would allow it to focus on advising its clients as it separated the processes of advice and money management, and client asset regulation that goes with the custody of assets.
It stated Pershing was selected after a comprehensive tender process, and the decision was based on its expertise and track record in providing trading and custody services in the UK.
Established in Europe in 1987, Pershing has been providing financial solutions to banks, broker-dealers, wealth managers and advisers.
Jonathan Polin, CEO, Sanlam UK, said: "As we transform our wealth management division, we are pleased to have appointed Pershing to allow us to focus on the core area of our business – protecting and growing our clients’ wealth.
"Pershing is a highly respected global leader in the provision of custody solutions and our decision to select them reflects our ambition to provide the very best service to our clients."
Geoff Towers, chief executive officer at Pershing Limited, added: "We are excited to have been appointed by Sanlam Wealth and to be part of supporting its growth aspirations.
"The wealth management industry is undergoing huge transformation as firms seek to focus their time and attention on delivering best-in-class advice and service to their clients.
"This is driving greater collaboration across the industry, with wealth managers seeking trusted partners to help them grow their businesses. Our partnership with Sanlam Wealth UK is testament to this, and we expect this trend will gain further momentum."
carmen.reichman@ft.com
