The Financial Control Authority has approved the sale of Tavistock Wealth to Titan.
In a statement to the stock exchange yesterday (August 9), Titan said the deal is expected to complete at the end of this month.
The deal, worth £40m, was made alongside a 10-year strategic partnership between Tavistock Investments and Titan Wealth.
Tavistock has approximately £4bn of funds under advice, with Tavistock Wealth accounting for £1bn funds under management.
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 the MPS.