Sanlam adds £46m assets with dual acquisition

Sanlam Private Wealth (SPW) has purchased the client banks of two businesses as it ramps up its acquisition plans ahead of implementation of the retail distribution review (RDR).

SPW, previously known as Buckles, has acquired the client banks of Llanelli-based Brian D Thomas Financial Planning Services and Kent-based George Ognibeni, as the principals of both firms retire from the industry.

Brian D Thomas brings a further £23m of funds under influence and more than 4,000 Welsh-based clients whilst George Ognibeni brings an additional £23m of funds under influence and more than 1,000 clients based across the UK.

No principals or staff from either firm will join SPW.

"We remain on the lookout for quality businesses like these and have been approached by a number of prospective sellers already in the New Year," said SPW chief executive officer Nigel Speirs (pictured).

"We undertake stringent due diligence and after much consideration on a number of potential acquisitions, we decided to proceed with these. We hope to complete on further acquisitions in the very near future."

The new acquisitions come on the back of the firm acquiring London Asset Management in December.

SPW now has £550m assets under influence.