Titan Wealth today announces that it has entered into an agreement to acquire Ravenscroft Investments Limited (subject to shareholder and regulatory approval), a wealth management services business, operating in both Guernsey and Jersey.
Andrew Fearon, Joint Group CEO and Head of M&A at Titan Wealth, said: “The acquisition of Ravenscroft Investments Limited in the Channel Islands is a significant milestone in our strategy to deliver Titan Wealth’s unique client to custody offering to clients and advisers in multiple international jurisdictions. Closely following our acquisition of Dubai-based planning firm AHR, we have now made significant progress in expanding our differentiated and integrated proposition for international clients and advisers. With investment management and investment funds in both Ireland and the Channel Islands; offshore platform and custody solutions in the Channel Islands and the ability to provide financial advice in both the UAE and Europe and other jurisdictions we can service our clients wherever they may choose to live.
“James Kaberry and I have worked closely with the Ravenscroft management team for a couple of years and have been impressed by the strength of the team and business, the values and client relationships that they have developed and continue to nurture. We look forward to seeing what we can achieve together now that they are part of the wider business.”
Ravenscroft provides a wide range of offerings to its clients, including discretionary investment management, fund management, advisory investment services, execution only trading, cash management, and dealing in, and storage of, physical precious metals. Ravenscroft employs around 100 staff to manage private and institutional clients and is one of the largest wealth managers in the Channel Islands. The acquisition takes Titan Wealth’s total AUM / AUA to £27.2bn.
As Titan Wealth looks to grow its international advice proposition, both organically and through further acquisitions, Ravenscroft Investments Limited, which will rebrand as Titan Wealth
International next year, will provide key operating capabilities offshore. The business also complements Titan Wealth’s own institutional dealing and wealth platform services in the UK.
The corporate finance and property management businesses of the wider Ravenscroft group are not included in the transaction, which follows Titan’s acquisition of Ravenscroft’s UK investment management business last year.
Founder Jon Ravenscroft will remain with the corporate finance and property management businesses, which will retain the Ravenscroft name, and he will also be a significant shareholder in the Titan Wealth group. The acquisition is subject to shareholder approval and regulatory approval by the Guernsey Financial Services Commission and the Jersey Financial Services Commission.
Robin Newbould, MD of Operations at Ravenscroft, said: “Having spent many months working with the Titan Wealth team, it is clear that they have ambitious plans for growth and that we are an important part of that expansion. We have had numerous approaches over the years, but none were right for our clients, our shareholders and our team. The time is now right for Ravenscroft’s wealth management business to become part of a bigger company and have a strategic role in its future expansion. Titan Wealth was impressed with the skills and expertise of our team and its commitment to clients and it is exciting for the Channel Islands that we will become the hub for Titan’s international growth.”
Jon Ravenscroft, who founded the business in 2005, said: “Ravenscroft is unrecognisable from the company it was almost two decades ago and I am proud of everything my incredible team has achieved. I want to thank shareholders and clients for their unwavering commitment throughout. It was clear that future growth and expansion, to realise the true potential of both the offering and our staff, required a change. It needed to be with the right people who had a client first ethos. With the Titan Wealth name and network, Mark Bousfield and Robin Newbould, together with the wider team, are the right people to take the business forward, allowing me to focus on the corporate finance and property management part of Ravenscroft. I will continue to be a significant shareholder in Titan Wealth and look forward to watching and celebrating their growth and international expansion.“
