Sanlam Wealth Planning has acquired the client bank of FA Watts Investment Managers, a Hampshire based financial planning firm, for an undisclosed sum.
The deal will add £150m funds under advice to Sanlam Wealth Planning, increasing those held by Sanlam Wealth Planning to more than £1bn.
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FA Watts’s three advisers and three back-office staff will join Sanlam Wealth Planning and will continue to work from the Fareham office under the Sanlam brand.
Commenting on the deal, Sanlam Wealth Planning CEO Alex Morley said: "Ours isn’t a strategy of simple acquisition, we leave that to the consolidators. Ours is a strategy of sustainable growth that can be measured qualitatively and quantitatively."
FA Watts Investment Managers director Mike Mason said: "Our industry seems to exist in a constant state of flux and we became increasingly concerned about how to meet its evolving requirements whilst best serving the needs of our clients.
"We wanted to find a home with vision, unshakeable values, a commitment to the UK and a desire to create something new. Sanlam became the natural choice."
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