Chesnara gains £2.9bn with acquisition of Sanlam Life & Pensions UK

The acquisition of Sanlam Life & Pensions UK (SLP) by Chesnara, the European and global pensions consolidator, has completed. 

The deal adds £2.9bn in assets under administration to Chesnara, along with 80,000 policies.

SLP will not be accepting any new customers, except those from the online wrap platforms. Meanwhile, existing customers will continuum to use the services as normal.

Ken Hogg, Chesnara UK chief executive officer, commented: “I want to assure customers and their advisers that they will continue to enjoy the full range of investment options and choices that they had previously, and that they can continue to invest in their existing policies.

“Chesnara’s financial strength and service levels remain highly rated with UK AuA of over £5bn and group AuA of over £12bn following the transaction.

“These should help ensure that business continues very much as normal.”

The deal has been in the works since September 2021, closely following on from Chesnara’s disclosure of a £120m warchest for the purpose of external growth.

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