Sanlam Wealth Planning has purchased the client bank of chartered financial planning firm FA Watts Investment Managers for an undisclosed amount.
The deal brings with it over £150 million funds under advice, a move which increases the amount held by Sanlam Wealth to over £1bn ($1.56bn, €1.41bn).
“Ours isn’t a strategy of simple acquisition, we leave that to the consolidators. Ours is a strategy of sustainable growth; growth that can be measured qualitatively and quantatively,” said Alex Morley chief executive of Sanlam Wealth Planning.
“We’re building a leading wealth planning business in the UK.”
Wealth management and financial advice firms in the UK have been snapping up their peers at steady rate in the post RDR world, but in recent months the activity level has kicked up a gear.
The higher activity level has helped drive up the value of UK financial advisory businesses by about 8% in the year to June according to one business valuation provider. However, behind the average growth in business values lies a split between those in the industry that are adapting to the sweeping changes under way and those who are not.
The Sanlam Group currently manages $50bn of assets worldwide and through its wealth management arm, Sanlam Private Wealth, has activities in Australia, South Africa, and Switzerland.