Sanlam Investment Holdings, part of the South African financial services group Sanlam, has bought a majority stake in a Bermuda-based investment firm.

The group, owner of Sanlam Private Wealth in the UK, said in a statement that the purchase of P2international will give it an extra global distribution partner for its asset management and insurance products.

Cobus Kruger, managing director of SGIS, a division of the Sanlam Group for international investment, has taken up the post of chief executive of P2 in addition to his other role. 

P2 operates across Africa, Asia, Europe, and the Middle East. The firm will retain its name and believes that the investment from Sanlam will allow it to expand.