Financial planning firm English Mutual is set to open a new Birmingham office after being taken over.
The Worcester-based firm has been acquired by Sanlam UK for an undisclosed sum and will open a Birmingham office by the end of the year.
South African-parented Sanlam UK is predominantly based in the South West and South East of England and has been advising investors around the world for nearly 100 years, managing more than £40 billion in assets.
English Mutual, which has more than 80 employees and more than £400 million worth of assets, will retain its brand following the deal.
Alex Morley, chief executive of English Mutual, said: “This is the perfect move for English Mutual. Our mission remains to create and deliver the finest financial services experience available to financial advisers and their clients in the United Kingdom.
“We elected to join forces with Sanlam not only because of their financial strength and aspirations but also because of their reflective ethos, culture and ideologies: to do things right, to do things properly and to deliver satisfaction at every point.
“This move now signals a new phase in the development of English Mutual. We are fully engaged in growing the business and are actively seeking to recruit new financial advisers in the West Midlands and our wider geographical footprint.”
Alex Morley will join the board of Sanlam Private Wealth and becomes a member of the Sanlam UK executive committee.