Business
Strategic partnership with Titan Wealth & disposal
Strategic partnership with Titan Wealth & disposal.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7139B\n Tavistock Investments PLC\n 14 June 2021\n \n \n \n \n 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.\n \n Tavistock Investments Plc\n (\"Tavistock\" or the \"Company\")\n \n Tavistock enters 10-year strategic partnership with Titan Wealth\n \n Disposal of Tavistock Wealth for up to £40 Million and a 10-year earnout\n \n 14 June 2021\n \n Tavistock Investments Plc (\"Tavistock\" or the \"Company\") is pleased to announce that it has entered a 10-year strategic partnership with Titan Wealth Holdings Limited (\"Titan\"). In addition, as a part of the arrangements Titan has agreed to acquire Tavistock Wealth Limited (\"TWL\"), Tavistock's multi-asset manager with over £1 billion of funds under management (\"FUM\"), for a consideration of up to £40 million in cash, together with a ten-year earn out.\n \n Titan has been established by a highly experienced management team with strong financial backing. Titan's objective is to become a large-scale provider of high-quality execution, settlement, custody and administration services to the asset and wealth management sector. In addition to acquiring TWL, Titan is simultaneously seeking to acquire Global Prime Partners Limited (\"GPP\"), a provider of platform services to institutional clients and fund managers with £2 billion in assets under administration.\n \n The principal terms of the partnership including the sale of TWL are:\n \n \n · Tavistock will act as Titan's retail distribution partner;\n \n · the strategic partnership will enable Tavistock to accelerate the growth of its wealth management business both organically and through an acquisition programme (Tavistock currently has approximately £4 billion of Funds Under Advice);\n \n · Titan will acquire TWL for a consideration of up to £40 million (equivalent to 6.58p per Tavistock share based on the current number of shares in issue) to be paid in cash, together with a 10-year earn-out;\n \n · £20 million will be paid on completion, with a further £20 million paid in equal annual instalments over the...