Sanlam, the South African financial services group, is transferring more than R18bn (€2.2bn) in assets from io investors, its UK multimanager firm, to a new business unit, leaving io with just 10% of its assets.

Multimanagers create investment portfolios by combining the services of several fund managers in a single fund. Io investors was set up in the UK in 1997, but it has remained heavily reliant on South African clients, accounting for 90% of its assets. Io will now focus purely on investment solutions for non-South African clients.