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.

Tavistock has exchanged contracts for the acquisition of asset manager ABP, adding £3bn in assets under management.

Tavistock is refocusing as an asset manager providing investment solutions to third party advice firms and networks, as well as to retail clients directly.

ABP has a focus on retail investors served by regulated advice businesses. 

ABP was established in 2017 by Geoff Brooks and Andrew Thompson, to provide a range of outsourced investment propositions to directly regulated advice businesses and appointed representative networks.

Tavistock will make an initial payment of £6m at completion, followed by further payments based on financial performance, capped at a total of £18m.

Brian Raven, CEO at Tavistock, said: "Alpha Beta Partners is joining us at the ideal time. Their strategic plans and partnerships gel perfectly with ours, particularly in terms of how to improve investor services and value. We look forward to an exciting future together."

Tavistock said the acquisition is a logical next step for the firm, having completed the planned reduction of its network of appointed representative firms last year and, more recently, the disposal of its networks to Saltus.

Tavistock’s sale of its advice businesses to Saltus has completed, and Tavistock will receive the initial consideration payment of approximately £22m by 2 December 2024.

The total consideration for the disposals made by Tavistock, of up to £37.75m, will provide the firm with a substantial level of funding with which to refocus its activities.

Tavistock has retained its employed advised business, Tavistock Private Client, and its protection business, Tavistock Protect.

Tavistock is in the middle of a legal spat with former business partner Titan Wealth Services.

In July Tavistock terminated its 10-year strategic investment partnership with Titan Wealth, blaming “unacceptable performance.”

Titan subsequently issued a counter statement accusing Tavistock of “serious wrongful conduct” in ending the deal under which Titan managed Tavistock funds.