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.

It said it will use the cash to refocus its activities on the provision of asset management services to regulated third party advice firms and directly to the public.

It has retained its employed advised business, Tavistock Private Client, and its protection business Tavistock Protect, but said last month’s acquisition of asset manager Alpha Beta Partners was a “key strategic step in the company's refocused proposition.”

Tavistock acquired ABP in November, adding £3bn in assets under management.

Brian Raven, Tavistock's chief executive said: "We are gaining real momentum in repositioning our dynamic asset management business. Our conditional acquisition of Alpha Beta Partners announced last week is a key step forward and we are now in a stronger position to generate superior growth and profitability as we continue to optimise our proposition for retail investors."

In a stock market statement, the firm said the cash from Saltus, together with the company's access to a substantial acquisition debt funding facility from the Bank of Ireland, means it “is particularly well placed to move quickly to expand its operations and profitability.”

It sold its advice business to Saltus for a total of £38m, including a performance related deferred consideration of up to £15.75m. The transaction added £2.4bn of assets under advice, more than 140 advisers and staff of 95 to Saltus. The combined business has assets under advice and management of more than £7bn and more than 300 staff.

Tavistock remains 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.