London-headquartered Sanlam UK has completed the acquisition of Cheltenham-based Tavistock Financial’s network, following the UK financial regulator’s approval of the change of control application.
The deal will see Sanlam UK adding to its team – of 60 financial planners – Tavistock’s network of 158 advisers along with 25 support staff, taking the number of advisers up to 218.
The deal will also increase Sanlam UK’s assets under advice by £1.5bn.
According the company, Sanlam now manages over £13bn in client assets.
Sanlam UK chief executive, Jonathan Polin said: “We are excited to begin integrating the team from Tavistock Financial into our existing business and supporting its network of high quality advisers.
“This acquisition reflects both our ambition and our desire to be a truly vertically integrated business with client-centric financial advice at its core.
It also allows us to accelerate our partnership programme, the Sanlam Partnership, whereby adviser firms leverage all the benefits of a larger group while retaining full control of their business.”