Target company Astute Wealth Management specialises in delivering financial planning services to clients across the North West and provides family office services for individuals with more complex financial requirements.
The firm was founded by current managing director Andy McLaughlin and co-director Jean McLaughlin in 2007.
Astute WM is the latest purchase for Sanlam which has become increasingly acquisitive in recent years, absorbing a handful of financial planning businesses and buying Tavistock Financial’s adviser network.
The team has simultaneously poached big names from other firms including Neptune Investment Management’s Charlie Parker and Close Brother Asset Management’s former head of private client Penny Lovell who has been helping Sanlam launch its own private office proposition.
John White, CEO of Sanlam UK’s wealth division (pictured), said Astute WM has obvious cultural synergies with Sanlam.
“Like Sanlam, Astute Wealth Management is committed to providing a great service and ultimately meeting the long-term financial goals of its clients,” said White. “We were very impressed by the client-centric culture Andy and Jean have nurtured within the business and as such, we believe Astute is a good cultural fit with our wider business.
Astute WM managing director McLaughlin added: “From the outset we were impressed by Sanlam’s ambition, drive and core values. It’s becoming rare to find a wealth management firm that takes the time to get to know its clients and their financial needs, but this is core to Sanlam’s approach. We are excited to become part of the Sanlam family and working with its UK team to continue and deliver an outstanding service to our clients.”
Sanlam UK, which encompasses the group’s wealth division, and its boutique fund group Sanlam Four has over £12bn in assets under management or influence at the time of writing.