National financial advice firm Sanlam Private Wealth has acquired three client books, boosting assets under advice by £77 million.
Sanlam has acquired Gloucestershire-based Stratton Annette’s, Swansea-based Sheriton Financial Services, and a third unnamed firm based in the South West.
The South African-owned national will gain 160 clients and £27 million in assets through the purchase of Stratton Annette’s, and £25 million from Sheriton Financial Services, which was formerly part of collapsed network Burns Anderson.
The acquisition of a third unnamed firm will see Sanlam’s assets boosted by a further £25 million, and take on an adviser.
Nigel Speirs (pictured), head of Sanlam Private Wealth, said the firm was targeting £6 billion in assets under management by 2017, and 300 advisers.
He said Sanlam Private Wealth currently has around 100 advisers, with £300 million under management and £300 million under advice.
Speirs said Sanlam would continue to snap up client books and IFA firms from advisers looking to exit ahead of the retail distribution review.
‘There are still advisers who are postponing decisions until 31 December arrives,’ he said. ‘Many are not qualified, and are sitting there wondering what their options are. There are quite a few people who are looking to come to a place where they feel safe, to a well-capitalised company. We are in talks with quite a few individuals, and a couple of teams.’