Sanlam picks Penrose for subsidiaries

Sanlam Financial Services has revamped its UK communications with the appointment of Penrose Financial to handle PR for its five subsidiary companies.

Penrose partner Claire Burston began working for asset management firm io investors and private money manager Hichens Investment Management in 2003, but Penrose’s role has now been expanded to cover PR for actuarial consultancy Punter Southall, investment consultancy PSolve and independent financial adviser PSFM.

Although the subsidiaries have worked with Spada in the past, until Penrose’s appointment, Punter Southall, Psolve and PSFM did not retain PR advice.

Burston reports to the senior management of all five groups, although Sanlam Financial Services chief operating officer Kenneth McKelvey will oversee PR across the different divisions.

‘We are drawing up separate PR plans for each division. But it is vital that we are aware of the issues that cross over these,’ said Burston.

The decision to appoint Penrose follows a Sanlam Financial Services review of PR that identified what McKelvey called ‘differing but related target markets’.

The most likely crossover would occur in pensions provision where several subsidiaries could be working on different aspects of the same product.

While PSFM would typically be the financial adviser, it would be Hichens Investment Management’s responsibility to draw up the investment planning and strategy.

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