Investment firm snaps up Smith & Williamson funds

Sanlam Investments, a private wealth management and investment company, has finalised the acquisition of eight funds managed by investment management and accountancy group Smith and Williamson.

Some £1.2bn in assets under management (AUM) will be transferred to Sanlam, including a £629m artificial intelligence fund.

The deal has also resulted in ten staff members, comprising six fund managers, joining Sanlam from Smith and Williamson.

Tom Carroll, head of asset management at Sanlam, said: “The completion of this latest deal, with Smith and Williamson, marks a significant milestone in our strategic goal, to develop a comprehensive range of differentiated funds for all of our clients.

“The deal also enables us to build out our specialist thematic fund range. Specialist investment strategies such as our real assets fund and hybrid capital bond fund are complemented by the Smith and Williamson artificial intelligence fund.”

He added that when put alongside the funds it already manages, the deal will create “exciting investment opportunities” for the firm’s clients.

The funds, which are set to be renamed in the coming weeks, have been deemed likely to drive long-term economic and market performance via shifts from social change to technological innovation.

Chris Ford, lead fund manager on the artificial intelligence fund, said: “The Smith and Williamson team are absolutely delighted to have joined Sanlam. 

“It provides us with a new home where we sit alongside strong, experienced investors and a global reach in terms of the group’s distribution channels.”