Sanlam UK, part of South African financial services group Sanlam, has acquired Blackett Walker, an IFA and employee benefits firm headquartered in Newcastle.

Financial terms of the deal were not divulged.

Sanlam UK CEO of wealth division John White said: “Over the past two decades, Richard and Kevin have built a hugely successful business with the client at its heart.

“Providing high quality service and delivering on clients’ long-term financial ambitions, it very much reflects our approach at Sanlam UK.

“In line with our commitment to expand our regional footprint, this deal will further strengthen our wealth management presence in the North of England.”

Established in 1994 by Richard Blackett and Kevin Walker, Blackett focuses on offering advice to medical professionals.

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Richard Blackett noted: “We have always prided ourselves on putting clients first and delivering a high standard of service, so it was important to us to work with a firm with the same approach.”

The acquired entity currently tends to more than 1,000 clients.

It employs five advisers, who will remain with the business.

Sanlam UK has recently been on an acquisition spree.

Earlier this year, the firm snapped up Astute Wealth Management, a Preston-based financial planning firm.

Last February, Sanlam UK acquired East Yorkshire-based Grennan Advisers.