Sanlam Private Wealth, the UK-based financial planner, has bought the client bank of IFA firm Camilleri & Associates.
The acquistion gives SPW £52 million ($81.3 million) of funds under influence, taking the figure to £550 million at the firm. No staff members will be transferring and the principal of Camilleri & Associates, Henry Camilleri, is retiring from the industry.
The deal forms a part of a string of acquisitions at the firm. SPW bought three IFAs in the south of England in March.
“We remain on the lookout for more quality businesses and we hope to complete on further acquisitions in the very near future,” said Nigel Speirs, the firm’s chief executive.
SPW has offices offices in North Wales, Bristol, Wiltshire and London.