Tavistock Investments PLC (AIM:TAVI) said it is shifting its focus after selling its network of self-employed financial advisers to The Saltus Partnership Holdings for £22 million.
Investors were told the disposal marks a new phase of the business as it 'repositions' to providing asset management services directly to consumers and regulated advice firms.
At the heart of this transition is the planned acquisition of Alpha Beta Partners (ABP) for an initial £6 million.
ABP brings institutional-style investment solutions to retail clients, earning top Defaqto ratings for five years running, Tavistock noted.
With funds from the sale and a substantial acquisition facility from the Bank of Ireland (LSE:BKIR), the company said it is well-placed to expand.
In doing so, it will prioritise investment strategies that balance strong returns with reduced risk, tailored for private investors.
Tavistock’s offerings will include award-winning private client advice, employee benefits services, and an educational finance portal, “Tell Me How”.
Its insurance division, Tavistock Protect, provides life and critical illness cover and is set to enter the mortgage market, further diversifying its services.
CEO Brian Raven said: "I am delighted that 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."