Sanlam’s decision to subcontract its direct global and local assets to Ninety One is not a run-of-the-mill outsourcing deal. Under its impatient CEO, Paul Hanratty, Sanlam has decided to exit the direct fund management market, and to focus on multi-management — and index funds through Satrix — where it’s more competitive.

Sanlam clients were receiving mediocre returns most of the time from Sanlam Investment Management (SIM), the in-house active manager. They should receive better returns from the more professionally run Ninety One. While Sanlam has just a handful of people in London trying to run offshore assets, Ninety One has a fully staffed team there, and a comprehensive suite of international products...

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