The South African financial services group is merging its UK divisions to form a group known as Sanlam UK.

Johannesburg-listed Sanlam is combining all of its UK businesses into a single corporate entity, led by Jonathan Polin, Sanlam Private Wealth's new chief executive.

The UK group will have combined assets under management and influence of nearly £9 billion ($13.6 billion). It will comprise the following companies: Sanlam Wealth Planning, the financial advisor; Sanlam Private Wealth, the discretionary fund manager; Sanlam Investments & Pensions; Sanlam FOUR, the asset management and fund solutions business; and Sanlam Securities, the provider of institutional and retail stockbroking services.

Polin, Ashcourt Rowan's former group chief executive who recently became CEO of Sanlam Private Wealth, has been appointed CEO of the new UK group.

“At Sanlam we are committed to the improvement of people’s lives and believe our new structure creates the platform for us to make a significant and positive impact,” said Robert Roux, CEO of Sanlam Investments.

“Jonathan, with his vast experience, is the person to deliver our vision: to be a leading provider of wealth and investment management services in the UK.”

Sanlam UK, which will be effective 1 January 2016, also has a “significant strategic shareholding” in wrap platform Nucleus, with over £8 billion under administration, as well as a 20 per cent stake in fixed income specialist Cameron Hume.