Sanlam acquires two IFA client banks

Sanlam Private Wealth has acquired the client banks of two IFA firms.

Llanelli-based Brian D Thomas Financial Planning Services and Kent-based George Ognibeni have 4,000 and 1,000 clients respectively and both have around £23m funds under influence.

No principals or staff from either firm will join SPW, which takes its funds under influence over £550m with the acquisitions.

SPW chief executive Nigel Speirs (pictured) says: “We remain on the lookout for quality businesses like these and have been approached by a number of prospective sellers already in the new year. We undertake stringent due diligence and after much consideration on a number of potential acquisitions, we decided to proceed with these.”

Speirs added the firm hopes to announce further acquisitions in the near future.