Sanlam acquisition puts wealth assets at £1bn

Sanlam Wealth Planning has acquired a wealth management firm with more than £150m in assets, taking the division’s total assets to more than £1bn.

Sanlam Wealth has acquired the client bank of Fareham, Hampshire based FA Watts Investment Managers, while three advisers and three back-office staff will also transfer to Sanlam.

The FA Watts website lists three advisers: Richard Stocks, Michael Mason and Simon Gooding. The trio will continue to work in their existing office, helping to expand Sanlam’s reach in the south of England.

Alex Morley, chief executive at Sanlam Wealth Planning, says the firm is taking a targeted acquisition approach, rather than buying up businesses in bulk.

In particular, he says the firm is looking for “those who demonstrate the right attitudes and behaviours and who naturally put the customer first”.

“We’ve worked closely with the team at FA Watts for a number of years and I have no doubt that they share our values and ambition,” adds Lukas van der Walt, chief executive of Sanlam UK.

The FA Watts business was acquired for an undosclosed sum.