Sanlam UK has acquired adviser firm English Mutual.
English Mutual has 43 advisers and assets under advice of around £400m. The acquisition sees English Mutual chief executive Alex Morley appointed to the Sanlam board.
Sanlam UK chief executive Lukas van der Walt (pictured) says: “I am delighted to welcome English Mutual, all their staff and all their advisers into Sanlam UK. This acquisition strengthens our ever growing foot print in the UK and is in line with our strategic plans to grow an advice-led wealth management business.”
Morley says: “This is the perfect move for English Mutual. Our mission remains; to create and deliver the finest financial services experience available to financial advisers and their clients in the UK. Becoming part of Sanlam will allow us to achieve that.”
Sanlam has made a number of acquisitions in 2012. In May, it acquired the client bank of IFA firm Camilleri & Associates and in January it acquired the client banks of Llanelli-based Brian D Thomas Financial Planning Services and Kent-based firm George Ognibeni.
Brunning Newman Houghton director David Brunning says: ‘There are some firms out there with very large war chests looking to make further acquisitions before the end of the year and Sanlam are one of them.
“One of the problems is that the acquiring firms do not want to take on liabilities so redress from previous advice will inevitably be passed on to the Financial Services Compensation Scheme.”