The financial terms of the acquisition were not disclosed.

Sanlam UK, wealth manager and part of the international financial service group Sanlam, has acquired Grennan Advisers, a financial planning business based in East Yorkshire.

The financial terms of the acquisition were not disclosed, the firm said in a statement.

Grennan Advisers was launched in 2013 by Stuart Grennan and Helen Chapman, and specialises in providing financial planning services for high net worth individuals and business executives. 

The deal will see Sanlam UK acquire Grennan Adviser's book of clients and £60 million ($84.1 million) of assets under management.

Grennan and Chapman will work with Sanlam UK to support the handover and integration of client relationships.

“Grennan Advisers Ltd is a high quality business with an ethos of providing excellent service and delivering clients’ long-term financial ambitions,” said John White, chief executive of Sanlam’s wealth division. “As such, it very much reflects our approach at Sanlam. It is testament to our business and our vision that Stuart and Helen have chosen Sanlam as the obvious home for their discerning clients.”

It is not the first firm to bolster its business in Yorkshire, as this publication reported yesterday that Brown Shipley had agreed a three year partnership deal with Connect Yorkshire, a not-for-profit organisation supporting businesses in the region.

Earlier this month, WealthBriefing reported that Sanlam UK had appointed David Mason as chief operating officer.