Sanlam UK is set to increase private client assets under management by 40 percent as it purchases Thesis Asset Management.

Sanlam will buy Thesis’s private client arm and its financial planning business Pallant Independent. The deal will add £1.2 billion to Sanlam UK’s private client assets under management, taking the figure to £4.2 billion.

Sanlam UK manages or advises on more than £12 billion across all its businesses, including life and pensions, asset management, wealth planning, and private wealth.

The acquisition means Thesis’s business development team and its four private client teams will mo...