Sanlam Private Wealth is to acquire three IFA businesses as part of its growth strategy of purchasing the client books of retiring advisors, IFAonline reports.

The three businesses - based in the south of England - will reportedly bring to the firm a further £60 million (about $94.5 million) in assets under influence.  

It is understood that the acquisitions are funded by parent company Sanlam UK, and are expected to close this month, lifting the total number of companies the firm has acquired so far to 24.

“These firms are typically owned by people who have been in the industry for 20 or 30 years and have decided to leave in advance of the Retail Distribution Review,” chief executive Nigel Speirs is reported as having said. 

Subsequent to the acquisitions, Sanlam Private Wealth will have brought in £120 million in assets under influence so far this year, accounting for a considerable chunk of its £300 million target for 2012 in terms of acquisitions.