TIDMTAVI
RNS Number : 0753K
Tavistock Investments PLC
31 August 2021
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the UK Market Abuse Regulation.
With the publication of this announcement, this information is now
considered to be in the public domain.
Tavistock Investments Plc
("Tavistock" or the "Company")
Completion of disposal of Tavistock Wealth
31 August 2021
Tavistock has completed the sale of Tavistock Wealth Limited
("TWL") to Titan Wealth Holdings Limited ("Titan Wealth").
The Company announced on 14 June 2021 that it had entered a
10-year strategic partnership with Titan Wealth. As a part of these
arrangements Titan Wealth has acquired TWL for a consideration of
up to GBP40 million in cash, together with a ten-year earn out.
Tavistock's shareholders gave their approval for the transaction
on 23 July 2021. The Financial Conduct Authority granted change in
control approval on 9 August 2021.
James Kaberry and Andrew Fearon, joint-CEOs of Titan Wealth,
said: "We are very pleased to have completed the acquisition of
Tavistock Wealth. We value the strong relationship we have built
with Tavistock and look forward to working closely with them.
Tavistock Wealth will be renamed Titan Asset Management. 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."
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 TWL."
For further information:
Tavistock Investments Plc Tel: 01753 867000
Oliver Cooke
Brian Raven
Allenby Capital Limited (Nominated adviser Tel: 020 3328
and broker) 5656
Nick Naylor/Nick Athanas/Liz Kirchner
(Corporate Finance)
Tony Quirke (Sales)
Powerscourt (PR adviser to Tavistock) Tel: 07711 380
007
Gilly Lock 020 7250 1446
Chloe Retief
Brunswick Group (PR adviser to Titan)
Simone Selzer Tel: 020 7404 5959
Emily Murphy
Notes:
About Tavistock Investments Plc
Tavistock Investments Plc is an AIM listed financial services
group that has 180 advisers across the UK helping 30,000+ clients
look after more than GBP4 billon of investments. The Company was
established in 2013.
Tavistock's advisory business operates throughout the UK. The
Tavistock Partners network supports 140 Registered Individuals
(IFAs), providing compliance, administration, technology, training
and accounting services. The Tavistock Partnership is a network
that does the same for 20 Appointed Representative firms. Tavistock
Private Client provides wealth management and financial planning to
high-net-worth individuals.
The Tavistock Platform, launched in 2020, provides a low-cost
platform service to the Group's advisory and investment
clients.
On 14 June 2021, the Company announced its entry into a ten-year
strategic partnership with Titan Wealth Holdings Limited ("Titan
Wealth"). Tavistock acts as Titan Wealth's retail distribution
partner and Titan Wealth has acquired Tavistock Wealth Limited
("TWL"), Tavistock's multi-asset manager with over GBP1 billion of
FUM, for a consideration of up to GBP40 million in cash, together
with a ten-year earn out. Whilst becoming part of Titan Wealth,
John Leiper, Tavistock's Chief Investment Officer, and his
investment team will continue to work closely with Tavistock and
its advisers.
A new company, Tavistock Asset Management ("TAM"), now markets
the Group's centralised investment proposition, both the ACUMEN
UCITS funds and the Group's Model Portfolio Service ("MPS"). TAM
will retain Titan Wealth as investment manager for the MPS.
The strategic partnership will enable Tavistock to accelerate
the growth of its wealth management business both organically and
through an acquisition programme.
About Titan Wealth Holdings
Titan Wealth Holdings (Titan Wealth) is a discretionary fund
management/wealth and asset management business. Targeting GBP20-30
billion in assets under management over the next 3 to 5 years,
Titan Wealth aims to bring high-quality execution and
administration to the asset and wealth management sector. Titan
Wealth provides execution, custody, clearing and wealth management
services to small and medium sized broker dealers, proprietary
traders, intermediaries, family offices and wealth managers. As a
multi asset manager, Titan Wealth provides independent financial
solutions to financial advisors, family offices, retail clients and
institutions via a network of trusted intermediaries.
Titan Wealth is led by a highly experienced management team with
deep expertise across financial services. Its management team
comprises James Kaberry, an experienced entrepreneur and founder of
Pantheon Financial Management, which grew to be one of the UK's
largest financial advisory firms; Andrew Fearon, who has been
active in UK wealth management and a founder of one of the biggest
UK IFA consolidators, as well as raising funds for other UK IFA
consolidators and Julian Parker, founding partner and CEO of
GPP.
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