Sanlam Private Wealth, a UK arm of the South African financial services group Sanlam, has acquired the client books of two UK regional advisory firms: Carmarthenshire-based Brian D Thomas Financial Planning Services and Kent-based George Ognibeni, Money Marketing reports.

The firms, which have 4,000 and 1,000 clients respectively, have reportedly brought in some £23 million ($36 million) of funds under influence, taking Sanlam Private Wealth’s total of such client assets to £550 million. No staff from the acquired firms will be making the move across, the report said.

Nigel Speirs, chief executive of Sanlam Private Wealth, was quoted as saying that his firm remains on the acquisition trail and has been approached by several IFAs looking to sell already this year. The acquisitions form part of a trend of IFAs looking to exit the industry in the run-up to the implementation of the Financial Services Authority’s Retail Distribution Review reforms at the start of 2013, which will bring in new charging regulations and raise mandatory qualification standards.

At the end of last year Sanlam Private Wealth acquired the client bank of London Asset Management for an undisclosed sum. Again, no staff from the acquired firm made the move across and Richard Armstrong, chairman, and Gary Pulford, managing director, left to pursue other interests. London Asset Management’s book comprised some 1,000 clients based in London, the Home Counties and Devon, representing £44 million in assets.

Sanlam Private Wealth had not responded to enquiries from WealthBriefing on the matter at the time of publication.