The deal is the latest in a rapid sell off of many of Sanlam’s UK interests including recently its stake in platform Nucleus.

The acquisition of Sanlam Wealth is expected to be completed in the first quarter of 2021 subject to regulatory approval.

Oaktree says it plans to support future Sanlam Wealth’s growth plans “enabling the creation of an independent and agile wealth management business.”

Los Angeles-headquartered Oaktree is a major private equity investor in companies with 1,000 employees around the world including a major office in London.

In UK wealth, Oaktree is also invested in Ascot Lloyd, a national IFA consolidator however the Sanlam Wealth and Ascot Lloyd businesses will operate independently, Oaktree says.

Following the transaction, the business will continue to operate under the Sanlam Wealth brand during a transition period. A new brand and identity will be announced in due course, Oaktree says.

Jonathan Polin, chief executive of Sanlam UK, will lead the new business and will announce a leadership team in the future.

Mr Polin, said: “The sale of Sanlam Wealth to Oaktree ensures the business remains both operationally strong and financially stable in the long-term, while allowing us to drive forward as a faster and more agile independent wealth manager.

"This will be a new firm with a new purpose and a new way of working, with a refreshed commitment to delivering the very best products and services for our clients. We will have greater autonomy to flex to the needs of our people, and I look forward to working with Oaktree to assess and implement the opportunities available to us as we all look to share in the business’s future successes.”

Federico Alvarez-Demalde, managing director at Oaktree, said: “We are delighted to have reached this agreement to acquire Sanlam Wealth. We firmly believe that the award-winning business built by Jonathan and his management team is a strong platform for growth in the fragmented wealth management market. 

“Our investment will be targeted at providing excellent products and services for clients, development opportunities for staff and supporting management in the delivery of its innovative acquisition strategy. We look forward to working with Jonathan and team as they embark on the business’s next chapter.”

In September it was announced that life and pensions consolidator Chesnara would acquire Sanlam UK's Life & Pensions arm (SLP) for £39m.

The sale of Sanlam Wealth follows the departure in the summer of the firm’s UK wealth CEO John White after four and a half years at the helm. He was replaced by Jonathan Polin.