Wealth manager Titan Wealth is to acquire the UK investment management arm of investment services provider Ravenscroft for an undisclosed sum.

The share purchase agreement is subject to shareholder and regulatory approval.

The acquisition will bring around £600m in assets under management and offices in Peterborough and Bishops Stortford.

The teams from both offices will join Titan.

The deal will take Titan Wealth’s assets under management to £9.4bn.

Ravenscroft’s UK business is a combination of bespoke and model-style portfolios.

Andrew Fearon, joint CEO at Titan Wealth, said: “Ravenscroft is a well-run business possessing a high-quality, loyal client base. The business will integrate with our network, enabling greater distribution of the investment and advisory offering that form part of our client to custody solutions and services.”

Guernsey-based Ravenscroft is an investment services group with £8.5bn of assets under administration for private and institutional clients.

Jon Ravenscroft, group CEO of Ravenscroft, said: “Titan has acquired a number of asset management firms in accordance with its growth strategy and we have spent a considerable amount of time ensuring they were the correct fit.

“Titan has the same ‘client first’ ethos and I’m confident that this development is the right move for both our UK teams and their clients.

“It will also allow Ravenscroft to focus on the offshore market – which we know extremely well – where the large majority of our clients, shareholders and staff remain.”

The acquisition is the second for Titan this year. In January Titan acquired Chartered Financial Planning firm Telford Mann for an undisclosed sum. 

Kettering-based Telford Mann was established by Moore Chartered Accountants in 1988 and has assets under administration of £750m for over 3,500 clients.

In 2021 Titan Wealth acquired Tavistock Wealth Limited for up to £40m in cash and a ten-year earn out from Tavistock Investments.

Titan Wealth has ambitious growth plans and has a target of achieving £50bn in assets under administration over the next three to five years.

Titan provides execution, custody, clearing and wealth management services to small and medium sized broker dealers, proprietary traders, intermediaries, family offices and wealth managers and platform services, custody and investment solutions to financial advisers, family offices, retail clients and institutions via a network of trusted intermediaries.

Titan is backed by private equity firms Parthenon Capital Partners, Ares Management, Maven Capital Partners and Hambleden Capital.