VENTURES: Sanlam Sets Up In Australia
Recent Western Cape Business News
Sanlam Private Investments (SPI), the private client investment manager and stockbroker in the Sanlam Group, announced yesterday that it had entered into a joint venture in Australia to form a new private client wealth management firm, Calilbre Investments. The deal, which is still subject to regulatory approval, is a partnership with a team led by former South African investment professional, Werner Stals. It is a further step towards SPI building an international wealth management capability (following a UK deal in late 2007 and the set up of an Indian private client business set up in 2008).
Daniël Kriel, SPI’s CEO, said that a small team of highly respected private client investment managers and stock-brokers had already been assembled and will be expanded during the course of the year. The office in Sydney is already operational while a Melbourne office should be up and running by the end of February.
“Australia is a fast growing market with a large resources sector and good trading opportunities for South Africa. Having an operation in that country will allow us to add increased diversity to our clients’ global portfolios. It will also open the doors to the exciting and growing Asian region, which we will look to integrate into our offering. Cross-selling opportunities in India and the UK are also under investigation,” said Kriel.
Currently approximately one family a day emigrates to Australia from South Africa. “Our aim is to ensure that we can continue our relationship with our South African clients if they do emigrate and also that clients whose children move can carry on seamless financial arrangements in both countries. The business will also aim to build a strong Australian client base, of which the SA expat market form one target segment.”
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