After confirming earlier this month that it was in advanced discussions with a potential buyer, Ravenscroft has now entered into an agreement to sell its wealth management business to Titan Wealth.
The deal, which is subject to shareholder and regulatory approval, will see the discretionary investment management, advisory investment services, cash management, execution only, and precious metals parts of the business move across to Titan Wealth, whose AUM / AUA will increase to £27.2bn.
Following completion, there will be a rebrand to Titan International next year.
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.
“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 in order 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, shared our passion for community support, who were committed to ensuring that there were no job losses and who wanted to grow the business to bring benefit to both the Guernsey and Jersey economies so I am delighted we have found those values in Titan Wealth,” said Mr Ravenscroft.
“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.”
Andrew Fearon, joint group CEO and head of M&A at Titan Wealth, said the acquisition would significantly expand Titan Wealth’s international footprint.
“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 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,” he said.
“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.”
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, their commitment to clients and the company’s excellent reputation in the community and it is exciting for all of us that the Channel Islands will become the hub for Titan Wealth’s international growth.”
Pictured: Robin Newbould and Mark Bousfield
