Wealth supervisor Titan Wealth is to accumulate the UK funding administration arm of funding companies supplier Ravenscroft for an undisclosed sum.
The share buy settlement is topic to shareholder and regulatory approval.
The acquisition will deliver round £600m in property beneath administration and places of work in Peterborough and Bishops Stortford.
The groups from each places of work will be part of Titan.
The deal will take Titan Wealth’s property beneath administration to £9.4bn.
Ravenscroft’s UK enterprise is a mixture of bespoke and model-style portfolios.
Andrew Fearon, joint CEO at Titan Wealth, stated: “Ravenscroft is a well-run enterprise possessing a high-quality, loyal shopper base. The enterprise will combine with our community, enabling larger distribution of the funding and advisory providing that kind a part of our shopper to custody options and companies.”
Guernsey-based Ravenscroft is an funding companies group with £8.5bn of property beneath administration for personal and institutional shoppers.
Jon Ravenscroft, group CEO of Ravenscroft, stated: “Titan has acquired various asset administration companies in accordance with its development technique and we have now spent a substantial period of time guaranteeing they had been the right match.
“Titan has the identical ‘shopper first’ ethos and I’m assured that this growth is the best transfer for each our UK groups and their shoppers.
“It would additionally permit Ravenscroft to deal with the offshore market – which we all know extraordinarily nicely – the place the massive majority of our shoppers, shareholders and workers stay.”
The acquisition is the second for Titan this 12 months. In January Titan acquired Chartered Monetary Planning agency Telford Mann for an undisclosed sum.
Kettering-based Telford Mann was established by Moore Chartered Accountants in 1988 and has property beneath administration of £750m for over 3,500 shoppers.
In 2021 Titan Wealth acquired Tavistock Wealth Restricted for as much as £40m in money and a ten-year earn out from Tavistock Investments.
Titan Wealth has formidable development plans and has a goal of attaining £50bn in property beneath administration over the subsequent three to 5 years.
Titan supplies execution, custody, clearing and wealth administration companies to small and medium sized dealer sellers, proprietary merchants, intermediaries, household places of work and wealth managers and platform companies, custody and funding options to monetary advisers, household places of work, retail shoppers and establishments by way of a community of trusted intermediaries.
Titan is backed by personal fairness companies Parthenon Capital Companions, Ares Administration, Maven Capital Companions and Hambleden Capital.