Wealth manager and Financial Planner Tavistock Investments has completed the sale of its multi asset arm, Tavistock Wealth Limited (TWL), to Titan Wealth Holdings.

TWL will now be renamed as Titan Asset Management, with John Leiper continuing in his role as chief investment officer.

In June Tavistock Investments announced a 10-year strategic partnership with Titan with Titan acquiring TWL for up to £40m in cash, together with a ten-year earn out.

Tavistock's shareholders gave their approval for the transaction on 23 July 2021. The Financial Conduct Authority granted change in control approval on 9 August 2021.

Titan Wealth is a new investment firm co-founded recently by Andrew Fearon, a key figure at rapidly growing Financial Planning group Independent Wealth Planners (IWP).

Mr Fearon is a founder shareholder and director of IWP where he is responsible for M&A.

Earlier this year Tavistock rejected an ‘unwelcome’ takeover bid from a Jersey-based investment firm called TEAM, which was believed to have some backing from ex-employees.

Tavistock Investments includes an advisory network, mostly focused on Financial Planning, a Centralised Investment Proposition and a small Direct to Consumer arm which uses an app.

Under the terms of the deal, Tavistock will act as Titan’s “retail distribution partner.” Tavistock says it hopes the partnership will enable it to expand its wealth management faster, both organically and through acquisitions.

Brian Raven, chief executive at Tavistock, said: "We are pleased to have completed this transaction which endorses our corporate strategy. Our partnership with Titan Wealth will enable us to accelerate our growth plans and deliver maximum value to our shareholders. We also look forward to continuing to work closely with the highly successful investment team at TWL."

Titan has acquired Tavistock Wealth for up to £40m with £20m paid on completion of the deal, and a further £20m paid in equal annual instalments over the following 3 years, linked to the maintenance of Tavistock Wealth's revenues.