Wealth manager Tavistock today reported an operational loss after a turbulent last six months, during which time the firm quarrelled with former investment partner Titan Wealth and sold its advice business.

Wealth manager Tavistock has confirmed that it will reposition the business after receiving £22m from The Saltus Partnership today for its network of 140 self-employed registered individuals.

Wealth manager Tavistock has acquired asset manager ABP as it completes its sale of its financial advice businesses, Tavistock Partners Limited and Tavistock Partners (UK) Limited, to Saltus.

Saltus has paid up to £37.75m to acquire Tavistock’s financial advice businesses, Tavistock Partners Limited and Tavistock Partners (UK) Limited, including the Abacus and Duchy brands.

Financial Planning firm Tavistock, which is in the middle of a legal spat with former business partner Titan Wealth Services, said profits climbed fifteenfold to £2.23m in the year to end of March, up from £0.14m in the previous 12 months.