Aim-listed Tavistock Investments has acquired the business and assets of Cambridge-based advisory firm Chater Allan Financial Services for an undisclosed sum.
This comes a day after the company agreed to sell its multi-asset manager to DFM firm Titan Wealth Holdings for £40m ($56.6m, €46.3m), as well as enter into a ten-year strategic partnership with Titan Wealth to act as its retail distribution partner.
The acquisition of Chater Allan Financial Services has added around £110m to the group’s funds under advice.
The deal is “expected to contribute to the group’s profitability in the current financial year”.
Brian Raven, Tavistock’s chief executive, said in end of year trading update: “It has been a tremendous team effort to achieve all that we have over the last year and I thank every member of staff for their loyalty and support.
“Yesterday, we announced the launch of our long-term strategic partnership with Titan Wealth and our commitment to accelerate the growth of our advice business, so I am particularly pleased to welcome on board everyone from Chater Allan.
“The firm has an excellent track record, and we are delighted that they have decided to become part of Tavistock. We remain acquisitive and look forward to updating shareholders on progress in due course.”
Tavistock Investments is a financial services group with 180 advisers across the UK helping over 30,000 clients look after more than £4bn of investments.