Wealth and DFM consolidator Titan Wealth Holdings has entered into a share purchase agreement to acquire Ravenscroft’s UK-based investment management business for an undisclosed sum.
The deal is subject to shareholder and regulatory approval. It takes Titan Wealth’s AuM to £9.4bn ($11.7bn, €10.8bn).
Guernsey-based Ravenscroft is a wealth management business. Its two offices in the UK have combined assets under management of £600m and provide discretionary, advisory and execution-only services to nearly 2,300 clients.
The majority of clients are based in Cambridgeshire and Hertfordshire and they will benefit from access to Titan Wealth’s wider group products and services. The teams from both offices will move across to Titan Wealth.
Andrew Fearon, joint chief executive and head of M&A at Titan, said: “Ravenscroft is a well-run business possessing a high-quality, loyal client base. The business will integrate with our network, enabling greater distribution of the investment and advisory offering that form part of our client to custody solutions and services.”
The acquisition comes several months after International Adviser reported that Titan Wealth had secured a major investment from US-based private equity firm Parthenon Capital.
Offshore focus
Jon Ravenscroft, group chief executive of Ravenscroft, said: “Titan has acquired a number of asset management firms in accordance with its growth strategy and we have spent a considerable amount of time ensuring they were the correct fit. Titan has the same ‘client first’ ethos and I’m confident that this development is the right move for both our UK teams and their clients.
“It will also allow Ravenscroft to focus on the offshore market – which we know extremely well – where the large majority of our clients, shareholders and staff remain.”
Ravenscroft has been busy launching funds over the past year – recently it announced it will be expanding its fund range with the addition of the Ravenscroft Higher Income Fund. The fund will be available in Guernsey, Jersey and the Isle of Man.
A year earlier, Ravenscroft launched its first fund in eight years when it unveiled the offshore global solutions fund.
