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Sanlam adds to advisers with Buckles buy

South African financial ser- vices group Sanlam has bought a 60 per cent stake in adviser firm Buckles.

Sanlam group chief executive Dr Johan van Zyl says the acquisition of Buckles reflects further progress in the company’s strategy of growth and diversification through selective acquis- itions and geographic expansion. Sanlam owns Merchant Investors and has a 42.5 per cent equity stake in Nucleus and a 30 per cent stake in Intrinsic.

Van Zyl says: “We believe that the aggregation of IFAs in the UK market provides a significant opportunity to build on our initiatives aimed at establishing a substantial and leading advisory and wealth management business in the UK.

“Buckles meets all the criteria as a top-quality intermediary business we were seeking for this purpose.”

Buckles chief executive Nigel Speirs says: “We are delighted to have received the backing of Sanlam, which will help us achieve our targets for the future.

“The investment will enable us to continue our programme of acquiring the businesses of IFAs who want to retire, with the assurance that their clients will continue to be well looked after. Over the last five years, we have acquired a dozen client banks in Wales and the North-west and we have identified many more.

“We plan to continue to expand, building on our strong administration and support team that has enab-led us to provide our advisers with the best possible paraplanning, IT back-up and HR services.”

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