Sanlam UK, part of South African financial services group Sanlam, has bought a 55% stake in Avidus Scott Lang (ASL).
The price paid for the stake was not disclosed.
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A Cheshire-based advisory business, ASL employs 12 financial advisers and support staff.
The firm was set up by Dean Scott and Jimmy Lang in 1983.
The takeover of ASL increases Sanlam UK’s office count in the north of England to six.
The deal continues Sanlam UK’s recent consolidation activities.
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By GlobalDataThe month of April 2019 was particularly busy for the firm. In April, the firm purchased Thesis Asset Management as well as Blackett Walker.
In the same month, Sanlam UK also took over the management of three VAM Global Management discretionary funds.
Earlier this year, Sanlam UK acquired Astute Wealth Management.
Commenting on the latest purchase, Sanlam UK divisional CEO of wealth John White 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.”
