Sanlam UK advisory business falls into loss

On revenues of £2.1m, the company made a pre-tax full-year loss of £342,000 after expenses amounted to £2.5m. This was against a profit of £32,000 in 2012 on £1.8m revenues. Sanlam Private Investments Wealth Management was created in November 2012 from the wealth management operations of Merchant Securities, which had been acquired by SPI the previous year. That deal saw the assets, liabilities and employees of advisory firm Merchant Cavendish Young transferred to the new company. The wealth management part of the business comprises seven financial planners and two wealth managers.