Wealth supervisor Titan Wealth is to amass 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 convey round £600m in belongings beneath administration and workplaces in Peterborough and Bishops Stortford.
The groups from each workplaces will be a part of Titan.
The deal will take Titan Wealth’s belongings beneath administration to £9.4bn.
Ravenscroft’s UK enterprise is a mix of bespoke and model-style portfolios.
Andrew Fearon, joint CEO at Titan Wealth, mentioned: “Ravenscroft is a well-run enterprise possessing a high-quality, loyal shopper base. The enterprise will combine with our community, enabling better distribution of the funding and advisory providing that type a part of our shopper to custody options and companies.”
Guernsey-based Ravenscroft is an funding companies group with £8.5bn of belongings beneath administration for personal and institutional shoppers.
Jon Ravenscroft, group CEO of Ravenscroft, mentioned: “Titan has acquired various asset administration corporations in accordance with its development technique and we’ve 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 improvement is the proper transfer for each our UK groups and their shoppers.
“It’s going to additionally enable Ravenscroft to give attention to the offshore market – which we all know extraordinarily effectively – the place the big 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 belongings beneath administration of £750m for over 3,500 shoppers.
Titan Wealth has bold development plans and has a goal of reaching £50bn in belongings beneath administration over the following three to 5 years.
Titan gives execution, custody, clearing and wealth administration companies to small and medium sized dealer sellers, proprietary merchants, intermediaries, household workplaces and wealth managers and platform companies, custody and funding options to monetary advisers, household workplaces, retail shoppers and establishments by way of a community of trusted intermediaries.
Titan is backed by non-public fairness corporations Parthenon Capital Companions, Ares Administration, Maven Capital Companions and Hambleden Capital.