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

The acquisitions will provide the firm with £450,000 in yearly trail income and £75m in funds under investment, in addition to the £650m Sanlam currently manages.

SPW’s chief executive, Nigel Speirs said the acquisitions bring the total number of acquisitions this year to seven, with more in the pipeline.

SPW said it is stepping up the pace with its expansion strategy in the run up to the Retail Distribution Review.

Speirs said he expected to acquire another "ten or 15" businesses before the end of the year.

He said: "We have had enough enquiries from advisers looking to leave the industry to keep us busy. The leads either come to us direct because they know we are in the market, or they are introduced via brokers."

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Source: Private Banker International