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Sanlam acquires client bank of Middlesex IFA

Sanlam Private Wealth has acquired the client bank of IFA firm Camilleri & Associates.

The acquisition brings £52m of funds under influence to Sanlam Private Wealth, which now has over £550m of funds under influence.  No principals or staff from Camilleri & Associates, which specialises in advising private clients, will be joining Sanlam.

The managing director of the Middlesex-based IFA firm Henry Camilleri is retiring from the industry.

Sanlam Private Wealth chief executive Nigel Speirs says: “Our programme of acquisitions is building up as we approach RDR. We wish Camelleri and his colleagues all the best and look forward to offering their clients the highest levels of service advice.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. How does Nigel Speirs manage to buy firms in the UK without taking on the staff, and not breach Transfer of Undertakings (Protection of Employment) Regulations 2006?

    Beecroft has had the legal department of the BSI at his disposal and they couldn’t square that circle.

    He would be the hero of the Institute of Directors if he has found a legit loophole. Please do share your magic formula.

  2. I can see a real problem where an IFA is sold to a company that provides restricted advise, and is part of an insurance group. Are the clients being given enough information so they can make an informed decision about staying or going?

    The fee’s Sanlam charge are also high – 3% upfront and 1.9% trail (1.5% for advice and 0.4% product charge). That’s approx 22% of the sum invested over ten years. I can’t see how these charges can ever be justified.

    If the client used the Sanlam whole-of-market route they charge a whopping £1,200 for a report and an 1.5% ongoing servicing charge – on top of any product charges.

    High charges such as these damage all financial advice companies as they rightly put people off investing in thew markets. Paying 22% in charges is way too much.

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