Sanlam Institutional cluster

 
 
Sanlam Institutional cluster
R million
2010
%
Net operating profit
861
(3)
New business flows
47 992
0
— SA
42 639
(4)
— Non-SA
5 353
41
Net flows
7 514
128
Funds under management (R billion)
491
11
RoGEV
14,8%
 
Adjusted RoGEV
14,7%
 
 
Share offering
 
 
Profile of Institutional cluster
 

Asset Management sub-cluster

Sanlam Investment Management (SIM)
SIM is a multi-specialist investment management business, with small, autonomous teams responsible for the active management of institutional portfolios and retail unit trust funds. It also offers other investment capabilities, such as hedge funds, which are managed by SIM’s hedge fund business, GenX, and quantitative investing. 
SIM Africa
SIM Africa contains the Group’s African investment operations, with businesses in Kenya, Nigeria, Namibia, Zambia and Botswana.

Wealth Management sub-cluster

Sanlam Private Investments (SPI)
The second largest wealth management business in South Africa, SPI is a private client portfolio management and stockbroking business, serving high net worth individuals, charitable trusts and smaller institutions.
Calibre Investments
Calibre Investments is an Australian investment management business, operating in partnership with SPI through offices in Sydney and Melbourne to service the needs of both private investors and corporate clients.

Sanlam Investments Capital Management sub-cluster

Sanlam Capital Markets (SCM) 
SCM is a niche capital markets operation with limited capital, concentrating on synergies with other businesses in the Sanlam Group and giving the Sanlam Group a substantial financial engineering capability.
Sanlam Private Equity (SPE)
One of the largest private equity fund managers in South Africa, SPE offers both a direct and fund-of-funds investment programme. SPE also drives the Group's BEE investment programme.
Sanlam Properties
Sanlam Properties invests in property development and/or improvement opportunities that meet its investments criteria and seeks to partner with other property investors and/or developers. Sanlam Properties will also provide certain property advisory services to other entities within the Sanlam Group.
Sanlam Structured Solutions (Derivatives) 
Sanlam Structured Solutions (SSS) develops and provides structured investment and retirement solutions for the institutional and retirement fund industry, as well as high net worth individuals.

Employee Benefits sub-cluster 

Sanlam Group Risk (SGR) 
SGR provides corporate life, disability and credit risk benefits, thereby enabling employers to offer competitive risk cover to their employees. 
Sanlam Umbrella Solutions 
The Sanlam Umbrella Fund is a multi-employer pension savings vehicle that offers employers an alternative to the administrative and governance burden of stand-alone funds. 
Sanlam Retirement Fund Administration 
Sanlam Retirement Fund Administration is a benefit administration, pensioner payroll and disability management business. 
Sanlam Structured Solutions (SSS) 
SSS develops and provides structured investment and retirement solutions, annuity and guaranteed products for the institutional and retirement fund industry. 
Simeka
Simeka Consultants & Actuaries offers a comprehensive range of consulting and advisory services, directed at employers, retirement fund trustees and their members. 

International Investments sub-cluster

Sanlam International Investment Partners (SIIP) 
SIIP manages the established partnerships with specialist investment management firms in the US, Europe and Australasia with the objective to enhance the asset management proposition for South Africa and international clients. 
SIM Global
SIM Global actively manages long-only international funds from South Africa for local and international clients. 
Sanlam Asset Management Ireland (SAMI) 
SAMI is our international investment management platform based in Dublin, managing funds domiciled in Ireland for the Sanlam Group. 
SMC Wealth Management (India) 
SMC wealth management is a joint venture between India's SMC Group, one of India's leading investment solutions companies, and the Sanlam Group. 

Investment Services sub-cluster

Sanlam Multi Manager International (SMMI) 
SMMI is an investment management advisory business dedicated to active multimanagement. 
Sanlam Collective Investments 
One of the largest managers of collective investment portfolios in South Africa, SCI offers a wide range of retail, multi-managed, institutional and third-party collective investment funds. 
Blue Ink
Blue Ink Investments is a leading hedge fund manager providing products focused on both the local South African market and the global investment markets. Blue Ink has offices in Cape Town and London and provides investment services for retail, private and institutional clients. 
Fin-Q Financial Services 
Fin-Q Financial Services is an authorised financial services provider focusing on providing independent advice to people leaving retirement funds. 
 
“By the end of the year, the business had delivered better than expected results and effectively put in place a solid base off which it should be able to achieve compound growth over the next few years.” 
 

Who we are

The Institutional cluster is one of the core clusters within the Sanlam Group and consists of six sub-clusters incorporating a number of businesses operating in collaboration to give individual and institutional clients access to a comprehensive range of specialised investment and risk management expertise. Our areas of expertise include local and international asset management, private equity, hedge funds, financial engineering, employee benefits and property investments.

Each business within the Sanlam Institutional cluster functions as a separate, entrepreneurial entity, with a shared focus on delivering leading performance and exceptional client service. We achieve this by encouraging passionate ownership and a culture of excellence among our employees.

There is simply not enough water to go around in many catchments, leaving little for basic human needs, and often nothing for ecological needs.
We are based in Cape Town, with a strong presence in sub-Saharan Africa and footprints in the United Kingdom, Europe, the United States, Australia and India. Our diverse client base includes retirement funds, corporations, financial institutions, individual investors, trade unions, non-governmental organisations, governments and their agencies. 
 

2010 in perspective

While risk abated somewhat during 2010 and consumers were given some respite, the global and local economies were still fairly fragile and by the end of the year many of the same concerns that were taxing investors and businesses at the end of 2009 remained in place.

Within this context, the Institutional cluster held a steady course with our highly regarded investment and management teams delivering benchmark-beating investment performance. We increased our market share in key segments of the financial services industry on the back of our improved distribution support teams.

By the end of the year, the business had delivered better than expected results and effectively put in place a solid base off which it should be able to achieve compound growth over the next few years.

To achieve our growth objectives, the cluster has pinpointed three priority areas of excellence, namely investment performance, our people and talent and distribution.

The Institutional cluster subscribes to the belief that “what got us here, won’t necessarily get us to where we want to be”, with the expectation that we will only achieve our goals by continuously improving our businesses and their ability to deliver exceptional performance and service to our clients. It is with this in mind that we streamlined our wide range of businesses in the Institutional cluster into the six sub-clusters. A key objective is to extract as much value and as many synergies as possible across the businesses in order to:
 
> Provide clearer and easier access to clients;
> Create opportunities for unlocking more value by optimising revenue and costs and thus increasing profits; 
> Enhance cross-selling and collaboration; and
> Significantly improve decision making and execution as a result of: 
  > Greater focus; and
  > Creating an environment that encourages stronger competitiveness. 
 
It is our belief that talented people have a far more meaningful and positive impact on the business when they are operating within the right structures and we are confident that our new operational structure will enable our staff - and thus the business - to thrive. The new structure also widens the scope of opportunity for our existing leadership team.

On the operational front a key objective is to remain appropriately resourced to compete in the investment industry, while keeping a tight rein on costs. Over the past two years, the normal operating expenses of the underlying businesses have increased in line with inflation, with the exception of the businesses in which we increased distribution and marketing resources to capitalise on opportunities in the market. Our central distribution capability was further bolstered during 2010 by the inclusion of specialists in the multi manager, offshore and hedge fund businesses. We also built a much more visible above the line presence for our Asset and Wealth management businesses.

Overall margins remain under pressure in the investment industry given ongoing competition. The cluster's strategy has been to offer a full range of investment products and services to clients and in so doing we give our investors comprehensive choice, while also protecting our margins.

We expect margins to remain under pressure as competition intensifies in the industry and regulations call for even more stringent disclosure requirements. However, we are confident that with our broad base of capabilities and resources, together with our renewed efforts to enhance collaboration across our businesses, we will be able to compete effectively across the value chain and, in so doing, protect the overall margin of the business.   
 

Asset management sub-cluster

What we learn about water and how we manage its scarcity will set the tone for how we deal with the other limits to our current business models.
The asset management sub-cluster consists of Sanlam Investment Management (SIM) and SIM Africa. SIM is a multi-specialist investment manager with small, autonomous teams responsible for actively managing institutional and retail assets invested in equities, fixed income, cash and multi-asset class products. SIM Africa contains the Group's African investment operations, with businesses in Kenya, Nigeria, Namibia, Zambia and Botswana.

During 2010, SIM operated within a surprisingly strong financial market environment. While risk aversion did abate and company earnings were better than expected, investors still ended the year as uncertain as the year before given mixed macroeconomic evidence. 
 

Operational overview

Notwithstanding a volatile external environment, SIM maintained our philosophically grounded and process-driven investment approach, investing where assets offered the most long-term value. At an operational level, the business continued to successfully leverage off the balance sheet and distribution capabilities of the broader Sanlam Group.

Performance reflected the benefits of our investment approach. More than 97,5% of SIM's funds under management outperformed their benchmarks on a one-year rolling basis to end December 2010 and 93% on a rolling three-year basis. Our equity performance was strong and SIM's fixed-interest portfolios delivered significant excess performance compared with their benchmarks. Performance in our hedge fund unit was also impressive, while many of our key offerings in the retail sector have very competitive three-year track records. Our General Equity, Value and Active Income funds delivered solid returns, while our General Equity, Value and Balanced funds did well over five years.

As a result of this positive performance and confidence in our ability to deliver on many fronts, SIM experienced healthy net client cash flows. Thus profitability was good relative to stringent budgets and 2009 profits.

With financial markets having performed better than expected on average, our investment book has grown to higher levels than expected. But, given that many asset classes are at best fairly priced, and largely expensive by historical standards, we are cautious about investment markets in 2011. 
 

Achieving sustainable growth

In pursuing sustainable growth, we will further strengthen our franchise across all market segments, protect our talent pool, leverage the skills and capabilities we have put in place over the past five years, and exploit any investment opportunities that may arise. In Africa, we will deepen our presence and expand our Pan African fund management capability. 
 

Investment Services sub-cluster

Globally we have observed the increased use of investment concepts traditionally used by investment banks in the asset management arena, for instance, the use of derivatives in portfolio management. This trend is supported by a global convergence of the long-only and hedge fund segments of the asset management industry. In forming the Investment Services sub-cluster, we integrated our many open architecture products, which include long-only and hedge funds managed by external providers and sold on our investment platforms, thereby placing us in a better position to offer our clients a holistic range of investment solutions.

The sub-cluster consists of four entrepreneurial businesses: Sanlam Multi Manager International (SMMI), Sanlam Collective Investments (SCI), Blue Ink and Fin-Q. The target markets for these businesses include retail and institutional intermediaries, as well as end clients. 
 

Sanlam Multi Manager International (SMMI)

For SMMI, 2010 marked a year of consolidation and refinement, during which aspects of the multi-manager business model were reviewed and enhanced. Pleasingly, long-term investment performance remained solid, with short-term performance lagging in some instances. 
 

Sanlam Collective Investments (SCI)

Our unit trust business had an exciting year, with sizeable fund flows into SIM's core range of funds, as well as the Sanlam Alternative Income Fund (SAIF). This fund is the only credit-rated dividend fund in the industry, which reached R7 billion in assets under management since our launch in 2007. 
 

Blue Ink

We believe investors will make increasing use of alternative investments and hedge funds. With a view to taking advantage of this trend and given the skills and market focus overlap of the Blue Ink and the Multi Manager teams, it made good business sense to incorporate the Blue Ink business into the Investment Services sub-cluster. 
 

Fin-Q

Fin-Q is an advisory business that was set up to leverage off Sanlam's significant client base. With permission from the retirement funds, Fin-Q advisers are able to contact individuals who may be leaving the retirement fund and offer independent financial advice. As part of the sub-cluster, Fin-Q is more easily able to leverage off available manager research, as well as the Group's multi-manager investment management and administrative platforms. 
 

Achieving sustainable growth

It is worth noting that the process of including all these businesses in the sub-cluster was ongoing during 2010, with some businesses only coming on board towards the end of the year.

However, we are confident that we are now in a better position than before to capitalise on the trends we are observing globally and, more importantly, that our new structure will enable us to offer our clients an exciting range of solutions. 
 

Sanlam International Investments sub-cluster

The International Investments sub-cluster is a truly entrepreneurial and globally competitive business. In addition to grouping our offshore business together, the sub-cluster creates an international link for our local businesses and a local link for the international businesses. The sub-cluster consists of four pioneering businesses: Sanlam International Investment Partners (SIIP), Sanlam Asset Management Ireland (SAMI), SIM Global and SMC Wealth Management, our business in India. 
 

Sanlam International Investment Partners (SIIP) 

SIIP manages Sanlam and external client international assets of more than US$4,5 billion. The international fund range delivered satisfactory performance and the fund offering was enhanced by the addition of a number of new funds.
 
Just like the transition to a low carbon economy is imperative, so will be the transition to a low water economy, and we have a narrowing window of opportunity to make this happen in a manner we can predict and manage.
SIIP continued our strategy of acquiring stakes in carefully selected, specialist investment management businesses; Centre Asset Management, a New York-based equity manager, was added as well as Exclusive Holdings, a European property manager. FOUR Capital Partners Ltd, the London-based European investment management business, continued to deliver strong investment results and, as a result, investor interest increased. Atom Funds Management managed to secure a A$50 million investment mandate from a reputable Australian asset consultant. Eight Investment Partners, our newly established Asia-Pacific manager, already manages assets in excess of US$150 million and will continue to expand its operations and strategies.

The strategic relationships established with Blackrock and AllianceBernstein continued to give clients access to two global investment powerhouses, both with impressive performance track records. 
 

SIM Global

SIM Global continued building on 2009's strong performance. During 2010, the Global Financial Fund retained its status as a top decile fund, with an unrivalled 11-year track record for an international financial fund. Kokkie Kooyman was named the top Global Financial Fund Manager by Investment Week in London. The Global Best Ideas Fund - now six years old - built on its long-term track record of alpha generation by sticking to the investment philosophy and process that has always set SIM Global apart from our competitors.

Intensified business development and marketing efforts both in SA and the UK started paying off. Two significant wins for the year included gaining a client from the largest global financial fund in London, as well as being awarded an institutional mandate in SA for Global Best Ideas. The fund breached the $700 million assets under management as a result of both fund inflows and strong performance during the year. 
 

Sanlam Asset Management Ireland (SAMI)

During 2010 our international businesses were able to leverage far more effectively off SAMI, our Dublin-based UCITS III-compliant investment platform.

We foresee further opportunities in this area based upon the ongoing interest we are receiving from third parties looking to host their funds on our platform and the new clients we have taken on board expanding their product offering. 
 

India

We remain committed to our investment in India. However, owing to legislation changes, regulation, competition and the impact of the financial crisis, a decision was taken early in 2010 to defer our development of the Asset Management Company (AMC) and instead focus our efforts on the Wealth Management Company (WMC), which operates in a more stable environment. To facilitate the establishment of the WMC, and to further cement our excellent working relationship with our partners there, a senior executive was seconded to India for an initial three-year period. 
 

Achieving sustainable growth

During 2010, we were able to further develop the implementation of our international strategy and as such are increasingly well represented within key areas of the globe where we see strong potential and opportunity. Pleasingly we have also made steady progress in attracting third-party funds into our offshore investment businesses. We are excited by how well our efforts to globalise our investment offerings complement the Sanlam Group's overall international strategy. 
 

Wealth Management sub-cluster (SPI)

Having successfully completed the first phase of its journey by transforming from a stockbroker to a private client wealth manager, SPI shifted its focus to establishing the business as a fully-fledged wealth manager.

We expanded our products and services to existing clients in a number of innovative initiatives, the two most notable of which were the launch of a Shariah-compliant private client equity and portfolio management service and an Art Advisory service, which provides independent expert advice to clients considering art as an investment.

In early 2010, SPI acquired a stake in Calibre Investments in Australia, which bolstered the business's offshore wealth offering. 
 

Achieving sustainable growth

Despite the downturn in the markets, the business was able to invest for the future and was rewarded by clients with a net inflow of R2,5 billion. We believe that the investments made to date, as well as the top quality investment professionals it has been able to attract and retain, will enable the business to perform well on a sustainable basis going forward. 
 

Sanlam Investments Capital Management (SICM) sub-cluster

The SICM sub-cluster is responsible for managing and leveraging Sanlam’s capital, third-party and policyholder funds. The sub-cluster consists of five separate businesses: Sanlam Capital Markets, Sanlam Structured Solutions (Derivatives), Sanlam Private Equity, Sanlam Properties and Sanlam Group Treasury.
 

Sanlam Capital Markets (SCM)

SCM is a financial engineering business that specialises in risk management and developing structured solutions for our clients using equity, debt instruments and their derivatives. SCM has three divisions: Equities, Debt and Market Activity, the latter of which applies a quantitative and structured approach to the management of risk and harnessing the “alpha” return in transactions.
Water is perhaps the most limited finite resource on this planet. All life, societies and economies are fundamentally dependent on clean water, but we only have a limited amount available.
 
During 2010, deal flow and risk appetite remained muted in the aftermath of the global credit crisis. While the Market Activity business in SCM was most affected, the Equities and Debt businesses both delivered very good results. 
 

Sanlam Structured Solutions Derivatives (SSS)

SSS develops and provides structured investment and retirement solutions for the institutional and retirement fund industry. During 2010, this business was adversely affected by the lower than expected deal flow and revenue is likely to remain depressed as long as prevailing market conditions continue. 
 

Sanlam Private Equity (SPE)

SPE manages the Sanlam capital as well as policyholder funds that have been invested in private equity. SPE experienced a period of consolidation in 2010, with much effort going into a review of the portfolio and the disposal of mature investments. This occurred alongside the identification of new investment opportunities.

The disposal of assets had a significant positive effect on the business's results in 2010. However, the reduction in asset base is likely to have a negative effect on revenue going forward. SPE also closed its Cape Town offices at the end of 2010 and relocated staff to Johannesburg to strengthen and consolidate our deal origination efforts. 
 

Sanlam Properties (SP)

The asset management portion of SP was sold to Vukile during the course of 2010, leaving behind the property development elements of the business. As expected, the uncertain state of the economy depressed the residential property market, which in turn adversely affected SP, particularly given a write-down required in one of our developments. 
 

Achieving sustainable growth

All in all we are pleased with the performance of this sub-cluster during 2010, with the positive results in SPE and SCM's debt and equity businesses offsetting the difficulties faced by SCM's Market Activity division and the SSS and SP businesses. Difficult economic conditions are expected to continue for the foreseeable future. Despite this, quality transactions do present themselves during times like these and, with due consideration to prudent governance, SICM continues to position itself to take advantage of opportunities as they arise. 
 

Sanlam Employee Benefits sub-cluster

This sub-cluster houses Sanlam Employee Benefits (SEB), which offers our clients institutional investment products (market-linked investments and smoothed bonus portfolios), group life benefits, group disability benefits, cell insurance schemes, retirement fund administration, annuity solutions and an umbrella fund offering. The sub-cluster consists of five divisions: Sanlam Group Risk, Sanlam Structured Solutions, Sanlam Umbrella Solutions, Simeka Consultants and Actuaries and Sanlam Retirement Fund Administration. 
 

Sanlam Group Risk

As a result of our steady growth leading up to and including 2010, our Group Risk business has become the leader in its industry, with a significant 24% market share in SA. The claims experience during 2010 continued to be volatile, negatively influencing the profitability of the business. This is likely to continue for the foreseeable future. The management team remains focused on improving service delivery and product innovation. 
 

Sanlam Structured Solutions (SSS)

This business unit is responsible for our annuity business and smoothed bonus portfolios. SSS experienced strong inflows into their smoothed bonus products during 2010, largely as a result of a positive change in market perception given our excellent performance and comfortable funding position. 
 

Sanlam Umbrella Solutions

Our umbrella fund solution experienced satisfactory growth, continuing to steadily increase the number of participating employers during 2010. Increasing the market share of the umbrella fund is a strategic priority across the Institutional cluster and plans are in place to further expand this base in the future. The fund was awarded "Umbrella Fund of the Year 2010" - a reflection of the effort that has gone into ensuring that it is a competitive and compelling solution. Service delivery has also continued to improve and will remain a focus going forward. 
 

Simeka Consultants and Actuaries

This business provides independent employee benefit and actuarial consulting services to both institutional and retail clients. In late 2010, a decision was taken to move this business into the EB sub-cluster where we believe it will benefit from coordination and cooperation that occurs within the sub-cluster. 
 

Sanlam Retirement Fund Administration

During 2010, the specialist administrator Coris Capital became a wholly owned subsidiary of Sanlam when we acquired the remaining 38% of the business and as a result we formed Sanlam Retirement Fund Administration. The move enables us to further enhance our client-centric delivery off this administration platform. During the year, we continued our efforts to stabilise the administration platform after the migration of a number of clients. Our focus during the year ahead is to improve service delivery significantly while also improving the profitability of business. 
 

Achieving sustainable growth

The performance and perceptions of the EB sub-cluster were boosted by these exciting initiatives. In stabilising and consolidating the businesses within the cluster over the past few years we are now able to shift our focus to growing the businesses and further enhancing the client offering and their experience of our businesses. 
 

Investing responsibly and sustainably

Globally, more than 2 billion people live in water stressed catchments. By the 2020s this is expected to increase to about 4 billion people, or some 60% of the world population due to climate, socio-economic and demographic changes.
In the context of the environment in which we are operating, sustainability becomes all important. For our Asset Management business this comes down to having a robust investment philosophy and process. As an agent of shareholders, SIM actively engages with company boards to ensure capital is allocated effectively, sustainably and in line with corporate governance best practice. SIM is also a UN-PRI signatory and thus wholly committed to the principles of responsible investing.

We remain excited about the Africa Sustainability Fund as an investment opportunity for our clients. We are confident that the Mauritian-based fund manager, Sustainable Capital will be able to take advantage of opportunities in countries and companies that are likely to deliver attractive long-term investment returns but are still inefficiently priced by African financial markets.

Our Wealth Management art advisory service and establishment of a Shariah-compliant private client equity and portfolio management service are both exciting and innovative initiatives and will ensure we remain ahead of the game in a highly competitive industry.

Our multi manager, SMMI, launched a long-only asset manager incubator that will give small black-owned asset management business access to the resources of the Sanlam Group so that we contribute to the growth of this segment of the market.

During 2010, SEB's highly rated BENCHMARK Symposium added members and pensioners to their research base, enabling them to provide visibility and insight into the key issues and challenges faced by these stakeholders. We look forward to extracting even more from the research results in the future.

SEB also introduced an exciting innovation to the business that was targeted at young adults. The "Save Your Future" Facebook campaign seeks to give young adults a reality check and motivate them into making the best possible financial decisions to create long-term wealth.

Finally, as a South African corporate citizen, the Institutional cluster as a whole does what it can to build capacity and promote transformation.
 

Strategic objectives for 2011

Our primary goal has long been to develop the business capability so that our success is sustained over many years no matter what the external environment. This includes continuously enhancing our overall effectiveness in meeting our clients’ needs and extracting better value across the range of businesses in the Institutional cluster.

We believe that the changes to our structure in 2010 will serve us well in this respect, enabling us to focus on the available opportunities across our businesses and thereby ensuring the consistency of our growth and performance. Going forward much attention will be placed on maximising collaboration across the Institutional cluster and other businesses within the Sanlam Group and during 2011 we will introduce programmes designed to further instill this spirit of shared purpose into our culture.

The following strategic objectives remain priorities across the cluster:
 
> Achieving consistent upper quartile, long-term investment performance across all businesses; 
> Leveraging off our strengths and abilities;
> Growing our business through organic and/or acquisitive growth; 
> Enhancing operational efficiencies;
> Ensuring client-centric delivery;
> Maintaining an empowering environment for our staff; 
> Transforming. Efforts to achieve our transformation objectives received renewed focus during 2010 and will be driven by the Cluster Exco into the sub-cluster businesses by the Institutional cluster CEO during the year ahead. 
 
Overall we believe that the changes introduced during 2010, coupled with the stellar investment performance and the enviable skills of our investment and management teams, will enable the Institutional cluster to pursue and seize exciting opportunities across the investment industry in the future. 
 

Our leadership

Institutional cluster

Heads of businesses

Johan van der Merwe Chief Executive Officer:
Institutional cluster
Robert Roux Chief Operating Officer:
Institutional Cluster;
International Investments;
Employee Benefits (acting)
Armien Tyer Asset Management
Nersan Naidoo Investment Services
Daniël Kriel Wealth Management
Mark Murning Sanlam Investments Capital Management 
 

Divisional boards and committee memberships 

Sanlam Investment Management

Non-executive directors

Johan van Zyl Chairman of Divisional Board, Chairman Human Resources and Nominations
Kobus Möller Financial and Risk
Temba Mvusi  
 

Independent non-executive directors

Peter Cook Chairman Financial and Risk, Central Credit 
Flip Rademeyer Human Resources and Nominations, Financial and Risk 
Attie du Plessis Financial and Risk
David Ladds Chairman Central Credit, Financial and Risk, Human Resources and Nominations 
Anton Botha Human Resources and Nominations 
Chris Swanepoel Financial and Risk, Central Credit 
 

Executive directors

Johan van der Merwe  
Armien Tyer  
 
Sanlam Employee Benefits

Divisional board and committee memberships

Johan van Zyl Chairman of Divisional Board, Human Resources 
Flip Rademeyer Chairman Financial and Risk, Human Resources 
Kobus Möller Financial and Risk
Johan van der Merwe  
Temba Mvusi  
Nick Christodoulou Financial and Risk
Chris Swanepoel Financial and Risk
 
Sanlam Capital Markets

Divisional board and committee memberships

Johan van der Merwe Chairman of Divisional Board
Flip Rademeyer Financial
Kobus Möller Financial
Anton Botha  
Chris Swanepoel Risk
Peter Cook Chairman Financial, Risk
David Ladds Chairman Risk, Financial
Mark Murning Chief Executive
Tony Gouveia Chief Financial Officer