Tideway’s income arm, including three open-ended funds and a four-man investment team, have been acquired by Sanlam’s asset management arm. The transaction has added over £200m to Sanlam’s existing £5.3bn of client assets.
Sanlam will be joined by Tideway’s four-strong fixed interest team, run by Peter Doherty, former chief investment officer of Tideway.
Tom Carroll, head of asset management at Sanlam Investments, said: “The addition of these new fixed income funds means that Sanlam Investments offers a full range of successful products across the three fundamental building blocks for investment portfolios – equities, fixed income and alternatives.
“We are very keen to continue adding to our suite of teams and products offering differentiated and compelling capabilities for our clients and remain in growth mode in spite of the current uncertainty.”
Managing partner at Tideway Investment Partners, James Baxter, commented: “This is a natural progression for the Tideway Ucits funds business and importantly we expect it to benefit all investors in time through economies of scale and extra research resources to support the asset management process.
“The migration of the Tideway Ucits funds to a larger institutional home is something Peter and I have been working on for some time together.
“The funds have been and will remain an important part of the Tideway Wealth Management proposition, whilst allowing Tideway flexibility to deliver great outcomes through relationships with a variety of other third party asset managers.”
Darius McDermott, managing director at Chelsea Financial Services, said: “This looks like a nice deal for all parties. It’s a good deal for Sanlam given they are adding around £220m of assets to their business which is good in the current climate.
“For the team of managers at Tideway, given they have good performance they will hope for greater exposure and the ability to raise assets for their funds.”
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