Sanlam UK has sold its 21.6 per cent stake in Punter Southall, the UK-based financial services group, meaning the latter firm is now entirely owned by its principals and staff. 

Co-founder and chief executive, Jonathan Punter, said the circumstances that led to the original joint involvement “have changed” and that the opportunities for the two organisations to work together have “run their course”.  

Meanwhile, Sanlam has launched a fund-of-funds under its Accel risk-rated investment range, which will sit in the middle category of its risk spectrum designed for vehicles with a maximum 50 per cent exposure to equities, FT Adviser reports.

The fund-of-funds will be managed to “a strict risk budget”, the report says, allowing advisors and clients to understand how it might react to various market conditions. It targets a gross yield of 5 per cent per annum; charges will be taken from capital to protect the yield, while income from the fund will be paid quarterly.