Wed, 22 Feb 2023 | BUSINESS NEWS
Discretionary fund management and wealth and asset management firm Titan Wealth Holdings has secured private equity backing for its M&A and growth plans. The firm has gained a major investment from US firm Parthenon Capital, which it will use for acquisitions and to enhance its client service and technology offerings.
The deal, Parthenon’s first investment in a UK platform, will see the firm become Titan’s majority shareholder. The company’s existing investors, Maven Capital Partners, Ares and Hambleden Capital, will remain invested in the business.
Following the investment, Titan is targeting assets under administration of £50 billion over the next three to five years, as well as £40 billion in assets under management (AUM). Andrew Fearon, Titan’s Head of M&A and joint CEO (pictured above, right), said Parthenon’s backing puts the company in a strong position for continued acquisitive and organic growth and said it validated its differentiated client to custody strategy.
Titan has said it plans to acquire at least one large independent financial adviser (IFA) in the next 18 months, with Fearon telling FTAdviser that the company expects to complete up to four acquisitions over the next 12-18 months, including two in the next few months.
Titan was launched by Maven Capital Partners and Ares Management in June 2021, with the aim of growing to £20 billion-£30 billion in AUM within five years. Since then, the company has completed several acquisitions, including Tavistock Wealth, Global Prime Partners (GPP), Baggette Asset Management, Cardale Asset Management and Haibun.
Parthenon Capital partner Anthony Orazio commented: "As longstanding investors in the US wealth market, we have been working for several years to identify a distinctive UK wealth platform to partner with. We are excited to leverage our industry expertise and resources to accelerate investments and build upon Titan Wealth's success to date."
Titan’s joint CEO and Executive Chairman James Kaberry (pictured above, left) added: "Andrew and I are very proud of what our team has accomplished in a short period of time. Parthenon has deep financial services expertise and, with their support, we will continue to provide innovative, industry-leading solutions to the wealth management sector."
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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