The portfolio will target a yield of about 5 per cent and will suit those investors with a “balanced” attitude to risk, the firm said. It will contain an element of exposure to fixed interest and cash, with a maximum of 75 per cent invested in UK and overseas equities.

“SPI will be aiming to maintain a balance between funds which focus on large companies and those which invest across the broader market spectrum, while overseas equity exposure will primarily be through specialist global funds,” Sanlam said in a statement.

Sanlam kicked off 2013 with the appointment of Ian Porter as head of wealth management - a newly-created role in which he is charged with expanding the firm's UK wealth management footprint. The firm has some £10 billion (around $16.3 billion) in assets under management and administration from a 30,000-strong client base.