Wealth manager Sanlam UK has acquired Chartered Financial Planning business Astute Wealth Management for an undisclosed sum.

Astute Wealth Management is based in Preston and was founded by managing director Andy McLaughlin and co-director Jean McLaughlin in 2007.

It has an 11-strong team of Chartered Financial Planners, Financial Planners, Paraplanners and admin staff.

Astute specialises in financial planning services to clients across the North West, as well as a family office service for individuals with more complex financial requirements.

John White, chief executive of Sanlam UK’s Wealth division, 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.

“I look forward to working with our new colleagues and deepening our wealth management presence in the North West.”

Andy McLaughlin, managing director of 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.”  

Sanlam UK is part of the South African international financial services group Sanlam.

Sanlam was established is listed on the Johannesburg Stock Exchange and has a market capitalisation of £12.1 billion and 10 million clients globally.

Sanlam UK is led by CEO Jonathan Polin and the business includes Sanlam Private Wealth, Sanlam Investments & Pensions, Sanlam FOUR, a boutique asset management and fund business and Sanlam Wealth Planning.

The national financial adviser has nearly £2 billion of client assets under advice and 60 UK-based advisers.