Expanding wealth manager and Financial Planner Sanlam UK has acquired a 55% stake in  Financial Planning firm Avidus Scott Lang (ASL), which is based in Cheshire.

The takeover of ASL doubles the footprint of Sanlam in the North of England to six offices, Sanlam says. The cost of the deal is undisclosed.

ASL was started 35 years ago in 1983 by Dean Scott and Jimmy Lang and has has since grown into a team of 12 financial advisers and support staff who provide holistic financial advice for clients across the North.

The deal follows several other acquisitions by Sanlam earlier in the year. 

The northern operation has grown through independent financial planning firm Blackett Walker Limited as well as Chartered Financial Planning business Astute Wealth Management. Sanlam also acquired Southern-based Thesis Asset Management in April, which has £1.2 bn under management and a team of 30.

Ian Scott, managing director at Avidus Scott Lang said: “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.”

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.”

Sanlam UK is led by CEO Jonathan Polin and the group includes Sanlam Private Wealth, a discretionary fund manager with £2.7 billion of client assets under management and Sanlam Wealth Planning, a national financial adviser with nearly £2 billion of client assets under advice and 55 UK-based advisers.