The firms that have been acquired are Oakdene Practice in Bristol, Parkgate Financial Solutions in Warrington and Libra Associates in Dorset.

IFAonline report also added that the firm’s six regulated advisers, which are spread across the businesses, plans to exit the industry before the end of the year.

The acquisitions will provide the firm with GBP450,000 in yearly trail income and GBP75 million in funds under investment, in addition to the GBP650 million Sanlam currently manages.

Further, Sanlam has said that it will actively service 650 clients as a result of the agreement, with chief executive Nigel Speirs overseeing them once or twice a year.

Speirs said that Sanlam had only considered client bases where each client would bring in GBP500 a year or more.

Meanwhile, the company has also acquired approximately 8,000 names and addresses as part of the deal.