South Africa-owned Sanlam Private Wealth has acquired three advisory firms, bringing in a combined £75 million (around $117 million) in funds under advice.
The companies involved are Bristol-based The Oakdene Practice, Parkgate Financial Solutions in Lancashire, and Devon's Libra Associates. They bring the total number of acquisitions so far this year to seven, with “many more in the pipeline,” the firm said, with chief executive Nigel Speirs expecting the firm to acquire another 10 or 15 before the end of 2012.
"We have had enough enquiries from advisors looking to leave the industry to keep us busy,” Speirs said. “The leads either come to us direct because they know we are in the market, or they are introduced via brokers."
According to a statement, the recently-acquired firms’ regulated advisors - six in total across the businesses - plan to exit the industry before the end of the year.
In related developments, at the end of May the firm bought the client bank of IFA firm Camilleri & Associates. The acquisition gave SPW £52 million ($81 million) of funds under influence, taking the figure to £550 million.
SPW has offices in North Wales, Bristol, Wiltshire and London.