Financial services company Tavistock Group has completed the sale of its DFM arm Tavistock Wealth to Titan Wealth.
The M&A deal saw Titan pay £40m ($54.4m, €46.5m) in cash for the wealth arm and the two firms enter into a 10-year partnership.
Tavistock shareholders gave their approval on 23 July 2021, while the Financial Conduct Authority greenlighted the change in control on 9 August 2021.
James Kaberry and Andrew Fearon, joint-chief executives of Titan Wealth, said that Tavistock Wealth will be renamed Titan Asset Management. John Leiper will remain as chief investment officer as he will “play a key part in the roll-out of Titan Wealth’s central investment proposition that is being launched for both large and small IFA groups”.
Brian Raven, Tavistock’s chief executive, added: “We are pleased to have completed this transaction which endorses our corporate strategy.
“Our partnership with Titan Wealth will enable us to accelerate our growth plans and deliver maximum value to our shareholders. We also look forward to continuing to work closely with the highly successful investment team at Tavistock Wealth.”
