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Sanlam targets IFA acquisitions

Sanlam Private Wealth is looking to complete a further six acquisitions in the next two months to benefit from advisers quitting the industry in the run-up to the RDR.

Last week, revealed Sanlam bought the client bank of IFA Camilleri & Associates.

The deal brought £52m of funds under influence to Sanlam, which now has more than £550m of funds under influence.

No staff from Camilleri, which is based in Middlesex and specialises in advising private clients, will join Sanlam.

Sanlam executive chairman Nigel Speirs says the firm’s advisory team of 60 advisers will take on the clients and, where appropriate, they will be moved to a discretionary service.

He says: “Some advisers are looking to leave the industry before the RDR and we are very active in that market. I expect to complete another five or six transactions in the next two months.”

Speirs says it is considering firms in the North, London and Bristol, where Sanlam has offices, which have £20m to £40m of funds under influence.
Speirs adds: “We also expect to continue making acquisitions well into next year.”

In January, Sanlam bought the client bank of IFAs Brian D Thomas Financial Planning Services, based in Llanelli, Wales, and George Ognibeni Wealth Management, in Kent. Both firms brought an additional £23m worth of funds under influence.


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