Sanlam double acquisition lifts assets beyond £2bn

Sanlam Private Wealth has continued its acquisition run into 2013, snapping up two client banks and growing assets under advice to more than £2 billion.

The restricted national advice firm has acquired Plymouth-based Professional Connection and Bristol-based Berkeley Associates, which have 500 clients with £71 million of assets and 450 clients with £26 million respectively.

In 2012 it bought 10 advice firms, including English Mutual, which had 43 advisers and £400 million of assets.

It did not take on any graduate recruits last year, and has not decided if it will do so this year as a result of the number of advisers it has gained through the acquisitions.

It currently has 100 advisers and £2.1 billion in assets under advice.

Giles Cross (pictured), Sanlam UK head of marketing, said the firm was targeting £6 billion of assets and 300 advisers by 2017.

Terry Chandler, owner of Professional Connection, and Michael Sutton and Harry Shepherd, owners of Berkeley Associates, will retire from financial services.

Cross said Sanlam would continue to buy businesses from IFAs looking to exit in the aftermath of the retail distribution review.

‘Sanlam will continue to offer owners of financial advisory businesses looking to leave the industry a secure, reliable exit strategy,’ he said.