Sanlam UK has bought a majority stake in independent financial planning business Avidus Scott Lang (ASL), an appointed representative of Best Practice IFA.
ASL was established in 1983 by Dean Scott and Jimmy Lang and currently employs a team of 12 financial advisers and support staff.
The 55 per cent stake in the Chesire-based businesses doubles the footprint of Sanlam in the North of England to six offices.
Also part of Sanlam’s northern offering is independent financial planning firm Blackett Walker and chartered financial planning firm Astute Wealth Management.
The deal follows the acquisition of Thesis Asset Management in April, which has £1.2bn under management and a team of 30.
John White, CEO of Sanlam UK’s Wealth division, said: “This deal marks a confident expansion of our reach and further underlines our commitment to grow and strengthen our proposition in the North of England.
“This is another key step in our strategy to become a leading vertically integrated wealth manager with financial planning at its core.
"Our new colleagues at ASL will now become part of the Sanlam family and – as with the acquisitions of Astute and Blackett Walker earlier this year – support our growth targets and mission of delivering a superior service to clients.”
Ian Scott, managing director at Avidus Scott Lang, added: “Like Sanlam, the ASL team passionately believes in providing a high-quality service, based on the long-term financial goals of their clients.
"As such, we believe this is a true cultural fit. Sanlam offers significant resources, insight and expertise, and will help us continue to deliver investment excellence to our clients.”
