Atomos, the business formerly named Sanlam Wealth, has confirmed to International Adviser that it is in the final negotiation stage with eight financial advice businesses.
This comes after private equity firm Oaktree Capital Management bought the wealth business for £140m ($159m, €160m).
The eight advice firms were unnamed, but the deals will add £1.4bn in assets under management and 32 advisers to the business. It is unknown when Atomos will announce the acquisitions.
The details of the deals:
- £322m in AuM held by a London and Thames Valley-based advice firm;
- £42m in AuM held by an advice firm focused on the medical profession;
- £300m in AuM from a firm with a retiring adviser base;
- A Manchester and Cheshire-based business with £295m in AuM;
- A female adviser business with £106m in AuM – firm hopes to expand nationally;
- A succession planning firm in the West Country with £190m in AuM;
- £47m in AuM from a retiring adviser; and
- £87m with a one-person firm looking to grow the business and then retire.
Atomos said in a statement: “We have identified very strong growth opportunities driven by adviser firms who are looking for a comprehensive solution for them and their clients for the next stage of their business. We have already seen a significant flow this year and expect to add to this number in the coming months.
“Our strong culture, built around inclusion and technology, paired with our unrivalled access to investment solutions is an attractive differentiator in a crowded market.”
Rebrand and reshuffle
In July 2022, the Atomos brand was announced to the world. The name means ‘indivisible’ in ancient Greek and was chosen “to represent a strong internal culture of collaboration, inclusivity and diverse perspectives”.
The business has also undergone an executive committee reshuffle over several months – Haig Bathgate became head of investments, Niral Parekh was appointed chief operating officer, Christopher Kraft named as chief commercial officer and Emma Browning took up the role of assurance director.
Nicola Fraser remained as chief financial officer and Jonathan Polin was named chief executive.