Sanlam Private Wealth has acquired the client books of Telford-based Cornforth Consultants Wealth Management and Shrewsbury-based Wealthport.
Conforth Consultants has 225 active clients in Telford accounting for around £32.2 million of assets, while the Wealthport bank brings 114 active clients in Shropshire and mid-Wales with £19.5 million of funds.
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This acquisition is expected to boost Sanlam Private Wealth’s funds under influence by £50 million.
As a part of the deal, a small number of Sanlam Private Wealth advisors will relocate to the Telford area to service these clients, while Mark Woodland, the owner of the business, would remain as a consultant to assist in the transition phase.
Wealthport clients will be advised by Sanlam advisers from the group’s Rhyl office, and Wealthport owner John Kenny-Levick will leave financial services.
Mark Woodland, adviser and owner who runs Cornforth with his wife Susan Pritchard, said: "We selected Sanlam Private Wealth from the many other companies we considered as they benefit from the resources of a major multinational whilst maintaining a commitment to individual service.
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By GlobalData"There will be considerable consolidation within the adviser community over the coming years and Sanlam is positioned to be one of the major player," Woodland added.
Nigel Speirs, chief executive of Sanlam Private Wealth, said: "Sanlam Private Wealth has now completed on the purchase of 15 high quality clients banks since 2009.
"This activity remains a core strategy for Sanlam UK in the building and a development of our advice-led wealth management business in this country and we welcome enquiries from those who seek to realise the value in their businesses and want their clients to receive first class advice and service from a company that is a leading UK player," Speirs added.
