Sanlam Private Wealth has acquired the client bank of London Asset Management for an undisclosed sum.

There will be no London Asset Management staff joining Sanlam, as Richard Armstrong, chairman, and Gary Pulford, managing director, will pursue other business interests, the firm said.

Armstrong said in a statement that Sanlam hopes to complete further acquisitions in the “very near future”.

London Asset Management has £44 million ($69 million) of assets and some 1,000 clients based in London, the Home Counties and Devon. 

Sanlam has UK offices in North Wales, Bristol, Wiltshire and London.