Ms Lovell will take the role of CEO of Sanlam Private Office in October, reporting to group chief executive Jonathan Polin, and will be responsible for spearheading the new offering for high net worth clients with assets over £1 million.

She joins from Close Brothers Asset Management where she spent the last five years as head of private client service. Previously she was managing director at Rothschild Wealth Management and has held senior positions at Fleming Family & Partners and Coutts.

South African-owned Sanlam’s Group UK chief executive, Jonathan Polin, who joined the wealth manager at the end of 2015, has led an integration strategy, bringing together Sanlam’s UK operations, says the company. Sanlam now manages over £12 billion in assets.

Mr Polin said: “I have spent the last two years reorganising and unifying the business to support the delivery of a vastly enhanced, client-focussed investment and service proposition.  The forthcoming launch of a Private Office extends our service in the UK and bolsters our ability to offer tailored solutions for an increasing complex and bespoke set of needs from high net worth clients.

“Penny’s expertise and experience in delivering a first-class high net worth and Private Office proposition will be central to us cementing our position as one of the UK’s leading wealth managers.”

Sanlam UK consists Sanlam Private Wealth, a discretionary fund manager with £2.7 billion of client assets under management, Sanlam Investments & Pensions, a life and pensions business with over £2.7 billion of assets under administration, Sanlam FOUR, a boutique asset management and fund business which manages over £5.9 billion and Sanlam Wealth Planning, a national financial adviser with £1 billion of client assets under advice and 70 UK-based advisers.