Fast-expanding wealth manager and Financial Planner Titan Wealth is reported to be putting together a deal to take over rival private Financial Planning firm Independent Wealth Planners (IWP), which has £6bn AUM.

According to a report in trade publication New Model Adviser, two industry sources have claimed a deal is being discussed.

Titan Wealth, whose founders were also part of the founding team at IWP, told Financial Planning Today: “We don’t comment on speculation.”

IWP has also been contacted by Financial Planning Today for comment on the story but has yet to respond.

IWP, which was set up in 2019, has been rumoured to be up for sale for some time.

IWP was very acquisitive, completing about 30 IFA deals, until founder and chair David Inglesfield unexpectedly stepped down at the end of December 2022.

The firm’s last acquisition was in August 2022 when it acquired female-led Financial Planning firm Holistic Financial Leadership, adding £252m in assets to IWP.

By then the group was comprised of 32 IFA firms, and its website says it now has 450 staff and more than £6bn in assets under management and advice.

But it reportedly has a debt pile of around £100m with its major creditor Ares Management also one of the private equity investors behind Titan Wealth.

According to Companies House records, six of its directors have resigned this year, including Jonathan Booth, Anthony Dunne, Robert King, Neil Padget in February, and Tony Spain and Alexander Hambro in January. Before that Les Cantley resigned in September 2023 and Simon Walker in March 2023.

Titan Wealth was co-founded in 2022 by Andrew Fearon, a founder shareholder and director of IWP where he was responsible for M&A before leaving for Titan. His co-founder James Kaberry was also one of the original directors of IWP.

Under their leadership Titan has been very busy in the acquisition market, targeting £50bn in assets under administration over the next three to five years and assets under management of £40bn.

Earlier this month it completed two deals, the acquisition of Norwich-based Financial Planning firm Loveday & Partners which has around £600m of AUM  and Bristol-based 45-adviser firm Aspira, which had £4bn in AUM. The cost of the two acquisitions was not disclosed.

In March it completed its acquisition of North Eastern IFA Prism Financial Advice, adding £630m in assets under management. Last November it acquired £4bn AUM Bristol Financial Planner Aspira Corporate Solutions Limited for an undisclosed sum.

In October the firm acquired North East IFA Prism Financial Advice, adding £630m in AUM to its books. In June it acquired investment research and consultancy firm Square Mile for an undisclosed sum. 

Earlier in the year Titan 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 as well as Ares Management.