Tavistock Investments PLC (AIM:TAVI) has completed the sale of Tavistock Wealth Ltd (TWL) to Titan Wealth Holdings Ltd.
The financial services group announced in June a ten-year strategic partnership with Titan Wealth, whereby it would sell off TWL for up to £40mln in cash with a ten-year earn-out.
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Shareholders voted in favour on 23 July and the UK authorities granted approval on 9 August.
"We are very pleased to have completed the acquisition of Tavistock Wealth. We value the strong relationship we have built with Tavistock and look forward to working closely with them,” said James Kaberry and Andrew Fearon, joint chief executives of Titan Wealth.
“Tavistock Wealth will be renamed Titan Asset Management. John Leiper will continue in his role as chief investment officer, overseeing a well-established team who have an excellent investment track record, and who will play a key part in the roll-out of Titan Wealth's central investment proposition that is being launched for both large and smaller IFA groups."