Sanlam UK has acquired a 55% stake in Cheshire-based IFA firm Avidus Scott Lang (ASL), marking its fourth M&A deal of the year.
The financial terms of the deal were not disclosed.
The deal doubles Sanlam’s footprint in the north of England to six offices.
ASL founders Dean Scott and Jimmy Lang will move to Sanlam UK, along with its 12 financial advisers and support staff.
Northern powerhouse
Sanlam UK has been bolstering its operations in the north of England and the deal is the firm’s third acquisition in the region in 2019.
In January, it purchased Preston-based wealth manager Astute Wealth Management.
Also in April, it bought independent financial planning and employee benefits firm Blackett Walker, based in Newcastle and acquired Thesis Asset Management.
Sanlam UK wealth division chief executive John White (pictured) said: “This deal marks a confident expansion of our reach and further underlines our commitment to grow and strengthen our proposition in the north of England.
“Our new colleagues at ASL will now become part of the Sanlam family and – as with the acquisitions of Astute and Blackett Walker earlier this year – support our growth targets and mission of delivering a superior service to clients.”
Fairstone
In 2016, IFA firm Fairstone said it signed Avidus Scott Lang under its downstream buy-out (DBO) model.
It is unknown if the firm was bought out after its two-year period in the scheme. Portfolio Adviser’s sister publication International Adviser has contacted Fairstone for a comment.
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