Man GLG, a wholly owned subsidiary of Man Group, agreed to acquire Sanlam FOUR Investments' £275 million ($356 million) fixed-income portfolio, a spokesman said.
Two portfolio managers and the assets under management of Sanlam FOUR's strategic bond fund will become part of Man GLG's offering following the transaction, which is subject to regulatory approvals. Man GLG did not disclose terms of the transaction, the spokesman said.
Portfolio managers Craig Veysey and Francois Kotze manage global corporate and government bonds via a dynamic macro overlay strategy that seeks to enhance total portfolio returns.
Mr. Veysey has been the lead portfolio manager on the strategic bond strategy since its launch in 2012. Mr. Kotze joined Mr. Veysey in 2017 as assistant portfolio manager.
"(Mr. Veysey) is a seasoned bond portfolio manager who, along with (Mr. Kotze), has developed a rigorous, repeatable investment process, which we believe offers a compelling proposition for our clients," Teun Johnston, CEO of Man GLG, said in a news release.
Jonathan Polin, Group CEO of Sanlam U.K., parent company of Sanlam FOUR, added in the release: "Our absolute priority is the safe stewardship of our clients' assets and it is in their best interests to see the fund transition smoothly to Man GLG where it will be managed by the same team, to the same strategy and with the same process, methodologies and tools. This is not a decision we have taken lightly."
Man GLG has $35 billion in assets under management. Sanlam has $8.1 billion in AUM.