Sanlam UK, part of South African-owned Sanlam Limited, has acquired Cheltenham-based Tavistock Financial’s financial adviser network business in a deal worth £1m.

Tavistock Financial’s 158 advisers along with 25 staff will join Sanlam’s existing 60 financial planners. The deal will add £1.5bn to Sanlam UK’s assets under advice.

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The deal is part of Sanlam UK’s strategy to expand its reach across the UK.

Commenting on the move, Sanlam UK CEO Jonathan Polin said: “We are very pleased to welcome both Tavistock Financial’s network of advisers and its support team to Sanlam.

“Earlier this year, I announced the launch of Sanlam Partners, a way for adviser firms to leverage the benefits of the wider Sanlam Group while retaining ownership of their business and their clients. The initial response has been hugely positive and today’s acquisition allows us to accelerate this concept, putting us in a strong position to bring on-board the high quality adviser firms who would like to join us.

“This is another significant milestone in our mission to build a truly client-centric, advice-led and outcome-focussed business and I look forward to working with all of our new colleagues to making it a success.”

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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.”