Sanlam Financial Services Group  

Sanlam buys Preston-based IFA

Sanlam buys Preston-based IFA

Sanlam UK has acquired a Preston-based chartered financial planning business, as the firm looks to broaden its presence in the North West of England.

Sanlam has bought Astute Wealth Management for an undisclosed sum, a financial advice firm founded in 2007 by current managing director, Andy McLaughlin and co-director, Jean McLaughlin.

Astute offers a family office service for individuals with more complex financial requirements and planning services to clients across the north west.

John White, chief executive at Sanlam UK's wealth division, said the firm is keen to deepen its wealth management presence in the North West.

He said: "Like Sanlam, Astute Wealth Management is committed to providing a great service and ultimately meeting the long-term financial goals of its clients.

"We were very impressed by the client-centric culture Andy and Jean have nurtured within the business and as such, we believe Astute is a good cultural fit with our wider business."

Andy McLaughlin, managing director at Astute Wealth Management, said: "From the outset we were impressed by Sanlam’s ambition, drive and core values.

"It’s becoming rare to find a wealth management firm that takes the time to get to know its clients and their financial needs, but this is core to Sanlam’s approach.  

"We are excited to become part of the Sanlam family and working with its UK team to continue and deliver an outstanding service to our clients."

Last year Sanlam bought Yorkshire-based financial advice business Grennan Advisers with £60m of assets under management. 

Last week, FTAdviser reported the Financial Ombudsman Service has ordered Sanlam Life & Pensions UK to compensate a client it believes was mis-sold a savings plan in 1988.

The client paid £50 in premiums each month for the plan, which was intended to meet a long term savings objective and expected to reach its optimum performance after around 25 years.

rachel.addison@ft.com