Tavistock Wealth has been renamed Titan Asset Management as its £40m sale completed.
The sale of Tavistock's DFM to Titan completed today (August 31), and is part of a 10-year strategic partnership between the two firms.
The deal, which was approved by shareholders on July 23, will see John Leiper continue as chief investment officer of Titan Asset Management.
James Kaberry and Andrew Fearon, joint-chief executives of Titan Wealth, said: "We are very pleased to have completed the acquisition of Tavistock Wealth.
“John Leiper will continue in his role as chief investment officer, overseeing a well-established team who have an excellent investment track record, and who will play a key part in the roll-out of Titan Wealth's central investment proposition that is being launched for both large and smaller IFA groups."
The firms' partnership will see Tavistock act as Titan’s retail distribution partner.
Tavistock will receive payments over a 10-year period equivalent in value to 50 per cent of future net income on any increased funds under management within Tavistock Wealth’s Acumen Ucits funds.
Additionally, a new company within the Tavistock Investments Group, Tavistock Asset Management, will continue to market the group’s centralised investment proposition which will include both the Acumen Ucits funds and the company’s model portfolio service.
Tavistock Asset Management will retain Titan as investment manager for its MPS.
Brian Raven, Tavistock's chief executive, said: "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.”
Tavistock has approximately £4bn of funds under advice, with Tavistock Wealth accounting for £1bn funds under management.
sally.hickey@ft.com
