Dyer Baade advises Oaktree on the £140m acquisition of Sanlam Wealth

Dyer Baade & Company acted as financial adviser to Oaktree Capital Management on its £140 million acquisition of Sanlam Wealth, one of the most significant UK wealth management transactions of 2021.

(London, 20 September 2021) As an experienced investor in UK wealth, Oaktree will support Sanlam Wealth’s growth plans enabling the creation of an independent and agile wealth management business. In UK Wealth, Oaktree is also invested in Ascot Lloyd, a leading national IFA consolidator. The Sanlam Wealth and Ascot Lloyd businesses will operate independently.

Following the transaction, the business will continue to operate under the Sanlam Wealth brand through a transition period. A new brand and identity reflecting the business and its future ambitions will be announced in due course.

Jonathan Polin, the Chief Executive of Sanlam UK, will lead the new business with the continued support of key members of its management team. The leadership team for the refocussed business will be announced at an appropriate point.

Commenting on the acquisition, Jonathan Polin, said:“The sale of Sanlam Wealth to Oaktree ensures the business remains both operationally strong and financially stable in the long-term, while allowing us to drive forward as a faster and more agile independent wealth manager.

This will be a new firm with a new purpose and a new way of working, with a refreshed commitment to delivering the very best products and services for our clients. We will have greater autonomy to flex to the needs of our people, and I look forward to working with Oaktree to assess and implement the opportunities available to us as we all look to share in the business’s future successes.”

Federico Alvarez-Demalde, Managing Director at Oaktree added: “We are delighted to have reached this agreement to acquire Sanlam Wealth. We firmly believe that the award-winning business built by Jonathan and his management team is a strong platform for growth in the fragmented wealth management market.

Our investment will be targeted at providing excellent products and services for clients, development opportunities for staff and supporting management in the delivery of its innovative acquisition strategy. We look forward to working with Jonathan and team as they embark on the business’s next chapter.”

Stuart Dyer, Chairman of Dyer Baade & Company and lead adviser to Oaktree on the transaction, said: “We were pleased to advise Oaktree on the acquisition of Sanlam Wealth. The transaction brought together a high-quality, scaled wealth management platform with a long-term investor that had both the capital and strategic ambition to support its next phase of growth. It was also a strong example of the increasing role of private capital in shaping the UK wealth management market.”

Federico Alvarez-Demalde, Managing Director at Oaktree, added: “The team at Dyer Baade is exceptionally focused and dedicated. Their expertise is a clear competitive advantage for any firm who is using them as M&A adviser.” 

Dyer Baade’s assignment included support across key elements of the transaction process, including:

• strategic assessment of the opportunity and the UK wealth management market;

• transaction structuring and commercial analysis;

• support with valuation and negotiations;

• coordination across key transaction workstreams; and

• advice through signing and completion.

The transaction further strengthened Dyer Baade’s track record advising institutional investors and private equity firms on strategic acquisitions in UK wealth management.