Sanlam Private Wealth has acquired the client bank of London Asset Management.
LAM has £44m in assets and over 1,000 clients based in London, Home Counties and Devon. No LAM staff will join Sanlam. The fee paid by Sanlam is undisclosed,
LAM clients will now be advised by Sanlam’s Financial Planners while LAM chairman Richard Armstrong and managing director Gary Pulford will pursue other business interests.
Sanlam Private Wealth chief executive Nigel Speirs (pictured) says: “We undertake stringent due diligence and after much consideration of a number of potential acquisitions, we decided to go for LAM. We hope to complete on further acquisitions in the very near future.”