Sanlam has begun speaking to bidders about a potential sale of its 52.2% stake in Nucleus (NUC), New Model Adviser has learned. The wealth manager, which has owned a stake in the platform since 2008, recently appointed a broker to scout out buyers for its equity in the business, multiple industry sources told New Model Adviser. It is understood at least three interested parties are in the running for the shares.

One source said the process was well underway and a deal was possible before the end of the year. New Model Adviser understands City acquisition broker Pakenham Partners was originally advising Sanlam, however following the death of its founder Kevin Pakenham in July a new adviser was appointed. Both Sanlam and Nucleus declined to comment.