Sanlam has acquired Tavistock’s financial advice network, Tavistock Financial.
The deal adds 158 advisers and 25 staff to Sanlam’s current 60 financial planners. It will also add £1.5 billion to Sanlam UK’s assets under advice.
The move is part of South African listed Sanlam’s bid to build a bigger advice presence in the UK by restructuring its business to house Sanlam Private Wealth and Sanlam Wealth Planning under a new division, Sanlam Partners, which will now take on Tavistock as well.
Sanlam UK chief executive Jonathan Polin says: “The initial response has been hugely positive and today’s acquisition allows us to accelerate this concept, putting us in a strong position to bring on-board the high quality adviser firms who would like to join us.”
The deal is reported to have cost Sanlam £1m. Tavistock Financial is the part of the business that houses advisers from the collapsed network Financial Limited after Tavistock acquired the business and moved advisers to its new network.
Money Marketing tipped several months ago that Tavistock had been asking £1.5m for the business, with 100 per cent of the consideration requested up front.
Tavistock chief executive Brian Raven says: “The Tavistock Financial business no longer fits with our strategy but, in disposing of the business, it was important to us that the interests of the staff and advisers were protected. Sanlam has convinced us that they are the right firm to take the business forward.”
Former Financial Limited boss Charlie Palmer had his FCA fine and ban upheld by an Upper Tribunal earlier this week.