Growing wealth manager Titan Wealth has acquired North East IFA Prism Financial Advice, adding £630m in AUM to its books.

The cost of the deal has not been disclosed.

Titan says the acquisition will boost Titan Wealth’s total assets under management or advice to over £12.6bn, a step towards its total target of £50bn under administration within five years.

Prism is a long-established firm with 17 independent financial advisers and 25 support staff. It is based in Gateshead, Tyne and Wear and works with both private and corporate clients. Nearly 70% of its 3,700 clients live in the North of England. It was established in 2005 and provides a range of services including Financial Planning and advice on pensions, investments and protection.

Titan says Prism will be fully incorporated into its business and will gain access to Titan’s group products and services. Titan adds that Prism’s office in the North of England will help expand its geographical footprint in the UK. 

Andrew Fearon, joint CEO and head of M&A at Titan, said: “Prism is an extremely well-run business, with a strong reputation in the industry. This acquisition will further bolster the Titan network, allowing us to enhance the advisory offering that form part of our client to custody solutions and services.”

Stephen Price, managing director at Prism, said: “I, and my fellow owners and directors, Michael Smith and Neil McGann believe the acquisition of Prism by Titan, represents a significant move forward in the growth and development of the business, and a sound endorsement of our drive to be the adviser of choice for those who seek truly independent financial advice."

“Our decision to become part of Titan was reached, only after much research and analysis of their business structure, their culture, their plans for growth and development, and the benefits such a move would bring to our clients, our employees, and the wider Titan group. In all respects, we are now very clear that the acquisition will deliver immediate and long term benefits on all those fronts and further establish the group as major force in UK financial services.” 

Titan describes itself a client-to-custody business providing custody, platform, discretionary fund management and Financial Planning. It is targeting £50 billion in assets under administration over the next three to five years and assets under management of £40 billion.

Titan has acquired several financial and advice businesses this year including in June investment research and consultancy firm Square Mile for an undisclosed sum. Earlier in the year it acquired the UK investment management arm of investment services provider Ravenscroft for an undisclosed sum and in January it acquired Chartered Financial Planning firm Telford Mann for an undisclosed sum. 

Titan is backed by Parthenon Capital Partners and Ares Management. Its management team includes James Kaberry, an entrepreneur and founder of Pantheon Financial Management and Andrew Fearon, founder of a major UK IFA consolidator.