Titan Wealth will increase its assets under management and advice to more than £12.6bn with its latest acquisition.
The firm announced it has bought Prism Financial Advice today (October 11).
The Gateshead-based company was established in 2005 and has a team of 17 independent financial advisers, 25 support staff and over £630mn assets under advice.
It is set to be "fully incorporated" into Titan and will expand the company's geographical reach to the north of England.
Stephen Price, managing director at Prism, said: “I, and my fellow owners/directors, Michael Smith and Neil McGann believe the acquisition of Prism by Titan, represents a significant move forward in the growth and development of the business, and a sound endorsement of our drive to be the adviser of choice for those who seek truly independent financial advice."
Price said the firm has worked closely with Titan over the past year to work out whether the deal was right.
He added: "Our decision to become part of Titan was reached, only after much research and analysis of their business structure, their culture, their plans for growth and development, and the benefits such a move would bring to our clients, our employees, and the wider Titan group.
"In all respects, we are now very clear that the acquisition will deliver immediate and long term benefits on all those fronts and further establish the group as major force in UK financial services.
"We are delighted to be joining Titan, as it continues to expand and diversify its portfolio and look forward to working with the whole team to enhance who we are, what we do, and how we do what we do.”
It is at least the fourth acquisition Titan has made this year.
The first was in January when it bought Telford Mann, a Northamptonshire based IFA.
It then bought Ravenscroft’s UK-based investment management business for an undisclosed sum in May and most recently, in June, Square Mile's consultancy firm.
Andrew Fearon, joint CEO and head of M&A at Titan said: “Prism is an extremely well-run business, with a strong reputation in the industry. This acquisition will further bolster the Titan network, allowing us to enhance the advisory offering that form part of our client to custody solutions and services.”
The acquisition is subject to regulatory approval.
tara.o'connor@ft.com
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