Sanlam UK, part of South African-owned Sanlam, has completed the acquisition of Cheltenham-based financial adviser network Tavistock Financial from Tavistock Investments.

The £1m deal was announced in August 2017 and is expected to add £1.5bn to Sanlam UK’s £13bn of assets under advice.

Under the deal, 158 advisers along with 25 staff of Tavistock Financial will become a part of Sanlam’s team of 60 financial planners.

Sanlam UK CEO Jonathan Polin said: “This acquisition reflects both our ambition and our desire to be a truly vertically integrated business with client-centric financial advice at its core.

“It also allows us to accelerate our partnership programme, the Sanlam Partnership, whereby adviser firms leverage all the benefits of a larger group while retaining full control of their business.”

Tavistock Investments CEO Brian Raven said: “The Tavistock Financial business no longer fits with our strategy but, in disposing of the business, it was important to us that the interests of the staff and advisers were protected.  Sanlam has convinced us that they are the right firm to take the business forward.”

Sanlam offers wealth management services to wealth managers, investment managers and private clients.