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Sanlam buys Yorkshire advice firm

Sanlam buys Yorkshire advice firm

Sanlam has bought a Yorkshire-based financial advice business with £60m of assets under management for an undisclosed sum.

The deal will see Sanlam buy the book of clients belonging to Grennan Advisers, based just outside Hull.

The firm's founders, Stuart Grennan and Helen Chapman, will work with Sanlam during the handover period.

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John White, chief executive of Sanlam's wealth division said: "Grennan Advisers is a high quality business with an ethos of providing excellent service and delivering clients' long-term financial ambitions.

"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."

Grennan Advisers was launched in 2013 by Mr Grennan and Ms Chapman and specialises in providing holistic financial planning services for high net worth individuals and business executives.

Ms Chapman said: "From the outset, we were impressed with Sanlam's client-centric attitude and its desire to provide a truly outcome driven service.

"We have always prided ourselves on delivering a relevant proposition as well as giving clients peace of mind and are delighted that Sanlam will continue with this approach."

Last year Sanlam bought Tavistock Financial's network of 158 advisers in a £1m deal.

It follows the launch of Sanlam Partners, an initiative to give "culturally aligned" financial planning firms the chance to use some of its proposition and processes to help them grow before becoming part of Sanlam through a buy-out at a later stage.

damian.fantato@ft.com