INVESTOR’S NOTEBOOK: Breaking the ice
Glacier’s market share is second only to that of Allan Gray — ahead of all its traditional competitors
In these days of climate change, glaciers can be seen as the very essence of a rapidly depreciating asset. It was no surprise when Sanlam changed the name of its linked product business, which was confusingly sometimes called Innofin and sometimes SP². But Glacier was an odd choice of name for a business that is all about asset appreciation. Glacier has made a huge contribution to the recent renaissance of the Sanlam Group. It grew from R38bn assets under administration 10 years ago to R182bn. Recently, the rest of the Sanlam lump-sum business — the traditional single-premium endowment policies — merged into the group, adding a further R30bn to the pool.Glacier’s market share is second only to that of Allan Gray — ahead of all its traditional competitors, such as Old Mutual, Investec, Momentum, Stanlib and Absa’s Investment Management Services. In a presentation I attended last week, some might have been horrified to see Glacier giving airtime to the down-market topic of recurring p...
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