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Sanlam completes Tavistock acquisition

Sanlam completes Tavistock acquisition

Sanlam UK has completed the acquisition of Cheltenham-based Tavistock Financial.

The deal adds 158 financial advisers to the Sanlam network and £1.5 billion to its existing £13 billion of assets under advice.

Another 25 support staff along with 60 financial planners will also be added to Sanlam UK's payroll as the firm plans further expansion.

When announced in August, the acquisition was said to cost £1 million, although a final sum has not been disclosed.

Chief executive Jonathan Polin (pictured) said: 'This acquisition reflects both our ambition and our desire to be a truly vertically integrated business with client-centric financial advice at its core.

'It also allows us to accelerate our partnership programme, the Sanlam Partnership, whereby adviser firms leverage all the benefits of a larger group while retaining full control of their business.'

Tavistock Financial was founded in 2015 following its £1.5 million acquisition of IFA Sutcliffe Solloway and the Standard Financial network, which brought in 236 IFAs to the business. 

In its results published in August the company had announced plans for an international expansion as its UK operations reach an ‘inflection point’ of sustainable margins on a sharp increase in client funds.

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