Supporting Titan Wealth With Regulatory Due Diligence
Our client, growing wealth manager Titan Wealth, has acquired Prism Financial Advice Limited subject to regulatory approval, adding £630m in AUM to its books.
The Investments team at Thistle Initiatives was engaged by Titan Wealth to undertake the regulatory due diligence of the acquisition of North East IFA Prism Financial Advice in October 2023.
The acquisition will boost Titan Wealth’s total assets under management or advice to over £12.6bn, a step towards its total target of £50bn under administration within five years.
Prism is a long-established firm with 17 independent financial advisers and 25 support staff. It is based in Gateshead, Tyne and Wear and works with both private and corporate clients. Nearly 70% of its 3,700 clients live in the North of England. It was established in 2005 and provides a range of services including Financial Planning and advice on pensions, investments and protection.
Prism will be fully incorporated into the Titan business and will gain access to Titan’s group products and services. In addition, the Prism office in the North of England will help expand Titan’s geographical footprint in the UK.
Andrew Fearon, joint CEO and head of M&A at Titan said: “Prism is an extremely well-run business, with a strong reputation in the industry. This acquisition will further bolster the Titan network, allowing us to enhance the advisory offering that forms part of our client to custody solutions and services.”
Titan describes itself a client-to-custody business providing a custody, platform, discretionary fund management and Financial Planning. It is targeting £50 billion in assets under administration over the next three to five years and assets under management of £40 billion.
Earlier in the year, Titan acquired the UK investment management arm of investment services provider Ravenscroft for an undisclosed sum and in January it acquired Chartered Financial Planning firm Telford Mann for an undisclosed sum (both acquisitions are subject to regulatory approval). For both of these transactions the Investments team at Thistle Initiatives provided acquisition due diligence support.
Alex Paschalis, Investments Director at Thistle Initiatives said: “I want to congratulate the entire Titan team on their most recent purchase of Prism. Titan and Thistle Initiatives have a long-standing working relationship, and it has been great to collaborate with them once again this year on their acquisitions. We anticipate and look forward to working with them in the upcoming years.”
To find out more about our Acquisition Due Diligence services or to speak to a member of our expert team, please call 0207 436 0630 or email info@thistleinitiatives.co.uk.