Sanlam UK has acquired chartered financial planner Astute Wealth Management.
Astute is based in Preston and delivers financial planning services to clients across the North West as well as a family office services for individuals with more complex financial needs.
It was founded by current managing director Andy McLaughlin and co-director Jean McLaughlin in 2007.
Four chartered financial planners and one financial planner work for Astute according to its website.
Sanlam UK’s wealth division chief executive John White says the acquisition is a good cultural fit for his firm and will help deepen its wealth management presence in the North West.
Astute’s managing director McLaughlin says it is exciting to become part of the Sanlam family as it is rare to find a wealth management firm that takes the time to get to know its clients.
In February 2018 Sanlam UK acquired Yorkshire-based advice firm Grennan Advisers, which has £60m in assets under management.
In August 2017 it acquired Tavistock’s financial advice network, Tavistock Financial adding £1.5bn to Sanlam UK’s assets under advice.
Sanlam UK’s parent is Sanlam, an international financial services group with a listing on the Johannesburg Stock Exchange and a market capitalisation of £12.1bn.
The UK arm is led by chief executive Jonathan Polin and consists of a number of long-established businesses including Sanlam Private Wealth, the discretionary fund manager with £2.7bn of client assets under management.
It also includes Sanlam Wealth Planning, the national financial adviser with nearly £2bn of client assets under advice and 60 UK-based advisers.